§9 DISSOLUTION
9.10. Dissolution Process. The Board of Directors may decide to dissolve the Cooperative in accordance with the provisions set forth for Major Decisions. In the event of dissolution, the assets of the Cooperative must be sold or their possession transferred so as to satisfy any debts owed by the Cooperative. The sale and/or transfer of possession of any Urban Soil/Tierra Urbana Property will proceed according to the conditions spelled out in any contracts the Cooperative has entered into that are still in effect. The decision to dissolve will not be effective until the assets of the Cooperative have been sold or given away.
9.20. Money from sale of Urban Soil/Tierra Urbana Property must be disbursed in the following order. If multiple parties are referred to in any step in this section, and insufficient funds are available to fully fund that step, then all entitled parties at that step will receive that proportional amount of remaining assets.
I) First, any debts that were secured in exchange for an interest in Urban Soil/Tierra Urbana Property must be fully satisfied.
II) If any money remains, any debts that were not secured in exchange for an interest in Urban Soil/Tierra Urbana Property must be fully satisfied.
III) The remaining equity assigned to Owner Members will be paid.
IV) Any and all remaining money or assets will be distributed to a non-profit corporation which is organized to promote cooperative living, or another non-profit corporation as determined by the Owner Members.
§10 AMENDMENTS
10.10. These Bylaws may only be modified by written amendment approved by Consensus Decision-Making at a Board Meeting provided that written notice of such meeting has set forth the proposed amendment or replacement, with appropriate explanations therof.
§11 APPROVAL
11.10. These Bylaws were approved on…
Signed by Directors: