Continuation of the dissolved cooperative

(1) Where the cooperative has been dissolved by resolution of the general meeting or by expiry of time, the general meeting may, for as long as distribution of the assets remaining after settlement of the debts among the members has not yet begun, resolve the continuation of the cooperative; the resolution requires a majority comprising at least three-quarters of the votes cast. The statutes may determine a larger majority and further requirements. The continuation may not be resolved where the members have been called on for payments under section 87a(2).
(2) Before the resolution, the auditing association to which the cooperative belongs is to be heard on whether the continuation of the cooperative is compatible with the interests of the members.
(3) The opinion of the auditing association is to be read out at every general meeting deliberating on the continuation of the cooperative. The auditing association is to be given the opportunity to explain the opinion at the general meeting.
(4) Where the continuation of the cooperative is, according to the opinion of the auditing association, not compatible with the interests of the members, the resolution requires a majority of three-quarters of the members at two general meetings following one another with an interval of at least one month; subsection (1), second sentence applies correspondingly.
(5) The continuation of the cooperative must be applied for by the management board without delay, for registration in the register of cooperatives. On the application, the management board must give the assurance that the resolution of the general meeting was adopted at a time at which distribution of the assets of the cooperative remaining after settlement of the debts among the members had not yet begun.