Rescinding Dissolution

(a)A limited cooperative association may rescind its dissolution, unless a statement of termination applicable to the association is effective, the Superior Court of Guam has entered an order under § 171203 dissolving the association, or the Director of Revenue and Taxation has dissolved the association under § 171214.

(b)Rescinding dissolution under this Section requires: CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

(1)the affirmative vote or consent of each member;

(2)if a statement of dissolution applicable to the limited cooperative association has been filed by the Director but has not become effective, the delivery to the Director of Revenue and Taxation for filing of a statement of withdrawal applicable to the statement of dissolution; and

(3)if a statement of dissolution applicable to the limited cooperative association is effective, the delivery to the Director of Revenue and Taxation for filing of a statement of recission stating the name of the association and that dissolution has been rescinded under this Section.

(c)If a limited cooperative association rescinds its dissolution:

(1)the association resumes carrying on its activities and affairs as if dissolution had never occurred;

(2)subject to Paragraph

(3)of this Subsection, and any liability incurred by the association after the dissolution and before the rescission is effective is determined as if dissolution had never occurred; and

(3)the rights of a third party arising out of conduct in reliance on the dissolution before the third party knew or had notice of the rescission may not be adversely affected.