{"data":{"id":"us-gu/18-gca-171205","jurisdiction":"us-gu","citation":"18 GCA § 171205","heading":"Voluntary Dissolution by the Board and Members.","body":"(a) Except as otherwise provided in § 171204, for a limited cooperative association to voluntarily dissolve:\n(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;\n(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\n(3) the board of directors must mail or otherwise transmit or deliver to each member in a record that complies with § 17508:\n(A) the resolution required by Subsection (a)(1) of this Section;\n(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\n(C) notice of the members meeting, which must be given in the same manner as notice of a special meeting of members.\n(b) Subject to Subsection (c) of this Section, a resolution to dissolve must be approved by:\n(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\n(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.\n(c) The organic rules may require that the percentage of votes under Subsection (b)(1) of this Section is:\n(1) a different percentage that is not less than a majority of members voting at the meeting; or\n(2) measured against the voting power of all members; or\n(3) a combination of Paragraphs (1) and (2) of this Subsection.","path":["Title 18: Business Structure and Function","Division 1 - Business Structure","Part 2 - Special Corporate Forms","Chapter 17: Guam Uniform Limited Cooperative Association Act","ARTICLE 12: DISSOLUTION"],"source_url":"https://col.guamcourts.gov/sites/default/files/18gc017.pdf","current_through":"P.L. 38-133 (June 4, 2026)","vintage":"","retrieved_at":"2026-09-27T03:54:38Z","sha256":"796b1154d1ae2e1bb40aa992c0f0aa9121dafebb5a5b17999b8a53350fdd18ff","source_id":"us-gu","stale":false,"prev":"us-gu/18-gca-171204","next":"us-gu/18-gca-171206"},"notice":"GroundRules: Original legal text. Not legal advice."}