During the life of the cooperative, the reduction of the number of members below the number legally authorized for the form of the cooperative concerned shall not result in the automatic dissolution of the cooperative.
Any interested individual may petition for such dissolution to the competent court where the situation has not been rectified within a period of one year.
The competent court may grant the cooperative a maximum period of six months to rectify the
situation; it cannot pronounce the dissolution if, on the day when it rules on the substance of the case, such rectification is done.
Sub-section 9: Resources of the Cooperative Paragraph 1: Equity Capital Sub-paragraph 1: Share Capital
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 22
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 51 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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