The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1939-09-07

shall set forth such proposition. The
proposed voluntary dissolution shall
be deemed 10 be approved upon thu
affirmative VOle OF not less THAI
twO-thirds of those members voting
thereon at such meeting; 90 CpoI
such approval. a certificate of cleo
ton TO dissolve. hereinafter desig
mated the certificate" shall be eX
ecuted and acknowledged on behalf
Of the cooperative by its presiden
or yice-president. and lis corporate
seal shall be affixed thereto and at
tested by Its secretary. The Ger
tlhcate shall state: ta) the name
OF the cooperative; tbb the addres.
and addresses of its trustees; anC
Of its principal office: tcJ the names
cd the total number of member;
Of the cooperative and the number
of members who voted for ara ag
aInst the voluntary dissolution OF
the cooperative. The president OF
glee-Lresident executing the certif-
icate shall also make and annex
thereto an affidavit stating that the
provisions Oh his subsection were
duly complied with. Such ccrtlli-
icate and affidavit shall be submit
ted 10 The Secretary of State for
filing as provided IN this Act; 80
Z pom th. fling OF me certificate and
l. y 3
the coOpera i've shall cease to carry
on IL business except in 50 far as
may be necessary for the winding
uD thereof. but It's corporate CXlS-
tencc shall continue until articles
Uf dissolution have been filed by the
Secretary CI State; "a After the
filing Of the certificate and affidavit
bv the Secretary OF State the board
al trustees shall Immediately cause
notice u the winding up proceedings
10 be- mailed TO each known credl-
Tor and claimant and to be publish
ed once a Week for two successive
weeks ~ newspaper of general
circulation in the county in which
the principal Office of the cOOpera-
tive i5 located, 80 The board OF
trustees shall have fun power 10
wind uD and settle the affairs of the
cooperative and shall proceed to col
lert the debts owing 10 the coOpcra-
i've convey and dispose of its prop
erfF and a5es Is. pay, satisfy, and
discharge its debts, obligations, and
Liabilities. and do all other things
required 10 lIquidatc its business and
affairs. and alter paying or ade-
quateiE providing for the payment
Of al its debts. obligations and IL
abilities. shah distribute the re-
mainder Of It's property and assets
among ais members IN proportion
10 the aggregate patronage OF each
such member during the seven years
next preceding the date OF such
fling a. the certificate, or. if the
cooperative shall not have been in
c1lsicnCe for such period. during
the period OF It's existence; and 90
" hen all debts. liabilities and Obliga-
tons Of the cooperative have been
paid and discharged or adequate
provision shall have been made
therefor. and all OF the remaining
property and assets OF the coopcra-
tive shall have been distributed to
the members pursuant to the pro-
visions OF this section, the board Of
trustees shall authorize the execu-
ton of articles Of dissolution which
shall theicupOn be executed and ac-
knONIedged on behalf of the COOP
erative Dv Its president or Vice-presi-
dent. and It's corporate seal shall
BE- affixed thereto and attested by it's
SECRETARY. Such articles of DISCO
luton shall recite IN the caption
That they are executed pursuant to
This Ac- and shall state; ta) the
name of the cooperative; OBJ the
address Of the principal Office of the
cooperative. tcl that the coopera-
i've has heretofore delivered to the
Secretary Of state n certificate of
election 10 dissolve and the date on
which the certificate was filed by
the Secretary Of State in the records
81 his Office. td) that all debts. OBJ
legations and liabilities of the CO.
operative have been made therefor;
tel thai all the remaining property
and assets of the cooperative have
been distributed among the mem
beers in accordance with the provis-
IONS of this section and H) that
there are no actions or suits pending
against the cooperative. The presi-
dent OF rlce-presldent executing the
articles of dissolution shall also
make and annex thereto an affidavit
stating lhat the provisions of this
subsection were duly complied with.
such articles of dissolution and af-
hdaFIt accompanied by proof OF the
publication required in this suD-sec-
ton. shall be submitted TO the Sec
feafrV of State for filing as pro-
ylded IN this Act.
Sec. 70. FILING Or ARTICLES. -
Articles OF incorporation, amend
ment. consolidation. merger, CONVEX
sion. OF dissolution, Us the case may
be- when executed and acknowledge
ed and accompanied by such afii-
daKlts as may b. required by apple
able provisions of this Act. shall be
p
for 1ilIng in the records of his of
lice. II the Secretary OF State
shall find that the articles presented
conform 10 The requirements of this
Act. be shall upon the payment
al the fees as IN this Act provided,
lie the articles so presented in the
records of his Office and upon such
filing the incorporation. amendment,
consolidation. merger. conversion, or
dissolution provided for therein shall
be- IN effect The Secretary of State
Immediately upon the fling in his
Office OF any articles pursuant To this
Act shall transmit a certified copy
thereof 10 the county clerk Of the
county IN which the principal Office
OF each cooperative or corporation
bv such Incorporation, am
enduent. consolidation. merger, con-
version. or dissolution shall be To-
Gated The clerk of any county,
upon receipt OF any such certified
copy. shall file and index the same
IN the records Of his office. but the
failure of the Secretary of State or
of "A clerk of a county to comply
with the provisions of this section
shall not invalidate such articles.
The provisions OF this section shall
also apply 10 certificates of election
TO dissolve and atiidaYits of COmpli-
ance executed pursuant to sub-Sec-
ton to- 90 of Section IS of this
Act.
Sec. %. REFUNDS TO MEMBERS
Revenues OF a cooperative for any
fiscal year IN excess Of the amount
thereof necessary.
fal To defray expenses of the CO.
operative and of the operation and
maintenance OF its facilities during
such fiscal year;
90 To pay interest and princi-
pal obligations of the cooperative
coming due IN such fiscal year:
CO. To finance. or 10 provide a
reserve for the financing of, the
construction or acquisition by the
cooperative of additional facilities TO
the extent determined by the board