Guam § 171205 - Voluntary Dissolution by the Board and Members.

§ 171205. Voluntary Dissolution by the Board and Members.

(a) Except as otherwise provided in § 171204, for a limited cooperative association to voluntarily

dissolve:

(1) a resolution to dissolve must be approved by a majority vote of the board of directors unless

a greater percentage is required by the organic rules;

(2) the board of directors must call a members meeting to consider the resolution, to be held no

later than ninety (90) calendar days after adoption of the resolution; and

(3) the board of directors must mail or otherwise transmit or deliver to each member in a record

that complies with § 17508:

(A) the resolution required by Subsection (a)(1) of this Section;

(B) a recommendation that the members vote in favor of the resolution or, if the board

determines that because of conflict of interest or other special circumstances it should not make

a favorable recommendation, the basis of that determination; and

(C) notice of the members meeting, which must be given in the same manner as notice of a

special meeting of members.

(b) Subject to Subsection (c) of this Section, a resolution to dissolve must be approved by:

(1) at least two-thirds of the voting power of members present at a members meeting called under

Subsection (a)(2) of this Section; and

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(2) if the limited cooperative association has investor members, at least a majority of the votes

cast by patron members, unless the organic rules require a greater percentage.

(c) The organic rules may require that the percentage of votes under Subsection (b)(1) of this Section

is:

(1) a different percentage that is not less than a majority of members voting at the meeting; or

(2) measured against the voting power of all members; or

(3) a combination of Paragraphs (1) and (2) of this Subsection.