Article 8 – Dissolution

///Article 8 – Dissolution
Article 8 – Dissolution 2017-12-29T20:16:16+00:00

Section 1. Method.

This Association may be dissolved at any time in accordance with the provisions of the applicable Mississippi statutes.

Section 2. Rights upon Dissolution.

In the event of dissolution of the Association, its affairs shall be liquidated in the manner provided by law. The Directors or officers in charge of such liquidation shall use the proceeds derived from liquidation to satisfy and discharge all outstanding liabilities and obligations of the Association. To the extent permitted by law, any remaining proceeds of liquidation shall be disposed of as follows:

(a) The aggregate amount of capital contributed by members of the Association during the period of its existence shall be determined and such remaining proceeds up to such aggregate amount shall be returned to such members in proportion to the respective amounts of capital contributed by them; and

(b) The remaining liquidation proceeds, if any, shall be distributed ratably among the members holding membership as of the time it ceases to conduct its business of supplying electric power and energy.