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Current as of January 01, 2025 | Updated by Findlaw Staff
For a limited cooperative association to dispose of assets under RCW 23.100.1202:
(1) A majority of the board of directors, or a greater percentage if required by the organic rules, must approve the proposed disposition; and
(2) The board of directors must call a members meeting to consider the proposed disposition and, subject to RCW 23.100.0419, mail or otherwise transmit or deliver in a record to each member:
(a) The terms of the proposed disposition;
(b) A recommendation that the members approve the disposition, or if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(c) A statement of any condition of the board's submission of the proposed disposition to the members; and
(d) Notice of the meeting at which the proposed disposition will be considered, which must be given in the same manner as notice of a special meeting of members.
Cite this article: FindLaw.com - Washington Revised Code Title 23. Corporations and Associations (Profit) § 23.100.1203. Notice and action by board on disposition of assets requiring member approval - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-23-corporations-and-associations-profit/wa-rev-code-23-100-1203/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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