(a) Right to terminate. Within three (3) years after the transfer of control of the cooperative from the developer of the members, the cooperative may terminate a contract that:
(1) Is executed after the conversion date; or
(2) Requires performance, after the latter of:
(i) One (1) year after the conversion date; or
(ii) The date that control of the cooperative transfers to the members.
(b) Notice. Termination is effective when the cooperative delivers written notice of at least thirty (30) days to another party to the contract.
(c) Exception. This section does not apply to contracts or grants between the cooperative and a governmental agency or public utility. (1985 L.M.C., ch. 39, § 1.)