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Article II

Rights and Liabilities of Members

Section 1.  Property Interest of Members. 

Upon dissolution, after;

  1. All debts and liabilities of the Cooperative shall have been paid, and;
  2. All capital furnished through patronage shall have been retired as provided in these bylaws, the remaining property and assets of the Cooperative shall be distributed among the members and former members in the proportion which the aggregate patronage of each bears to the total patronage of all members during the ten (10) years next preceding the date of the filing of the certificate of dissolution.

Section 2.  Non-liability for Debts of the Cooperative.

The private property of the members shall be exempt from execution or other liability for the debts of the Cooperative and no member shall be liable or responsible for any debts or liabilities of the Cooperative.

Section 3.  Publications. 

The Board of Directors on behalf of the Cooperative is hereby authorized to subscribe from the revenues, the amount necessary to pay the subscription fee for the official publication or publications as selected by the Board of Directors.

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800 5th Avenue :: PO Box 468 :: Ipswich, SD 57451 :: (605) 426-6891 :: (800) 587-5880 :: info@femelectric.coop
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