Topic: records

• Document checklist for forming and running a 308B cooperative reference

  A checklist of the documents and records a Chapter 308B cooperative must or may have, with the statute section or official form behind each item and a note on whether it is required, conditional or practice.

• Keep your cooperative in good standing each year guides

  The annual SOS renewal due December 31, what happens if you miss it, the year's required meeting and records, and the federal items we could verify.

• § 308B.007 Legal Recognition Of Electronic Records And Signatures statute

  Under chapter 308B, a record, signature or contract cannot be denied legal effect just because it is electronic, and an electronic record or signature satisfies any writing or signature requirement.

• § 308B.231 Curative Filing statute

  If the secretary of state decides a cooperative's filing was made in error, it may revoke and expunge the filing and allow a curative filing; the statute text sets a $500 fee for that process.

• § 308B.245 Cooperative Records statute

  A 308B cooperative must keep permanent meeting and action records, maintain appropriate accounting records, and keep specified governing, membership and recent financial records at its principal office.

• § 308B.445 Audit Committee statute

  The board must establish an audit committee, and the cooperative must have its financial information audited for members unless the bylaws allow unaudited statements that are clearly labeled as such.

• § 308B.501 Members statute

  A cooperative needs at least one member, may group members into districts or units, may make a member who violates the governing documents surrender voting or financial rights, and must honor members' statutory right to inspect specified records on written demand.

• § 308B.521 Certification Of Meeting Notice statute

  After sending a members' meeting notice the cooperative must sign a certificate of mailing or delivery that becomes part of the meeting record, and a member's failure to receive notice does not invalidate member action.

• § 308B.615 Certificated Membership Interests statute

  Membership interests may be certificated or uncertificated; the section says who signs certificates, what must appear on them, and how a board resolution can switch to uncertificated interests.

• § 308B.621 Lost Certificates; Replacement statute

  A replacement certificate can be issued for a lost, stolen or destroyed membership interest certificate under the UCC provision cited, and the replacement is not an overissue.

• § 308B.705 Restatement Of Value Of Previous Contributions statute

  When the board accepts a new contribution, it must restate the recorded value of earlier contributions using the formula in the statute, unless the articles or bylaws provide a different method.

• § 308B.735 Distribution Of Unclaimed Property statute

  A cooperative may distribute unclaimed property specified in its unclaimed-property report to a tax-exempt entity instead of paying or delivering that property to the state. The section does not waive reporting; the owner's right ends on disbursement with the required notice.

• § 308B.921 Articles Of Dissolution statute

  After debts are paid or provided for and the remaining property is distributed, the cooperative files articles of dissolution; it is dissolved on filing and the Secretary of State issues a certificate of dissolution.

• § 308B.965 Filing Court's Dissolution Order statute

  After a court dissolves a cooperative, the court administrator files a certified copy of the dissolution order with the Secretary of State, which may not charge a fee for filing it.