Contribution agreements.

(1) A contribution agreement entered into before formation of the limited cooperative association is irrevocable for six months unless: (a) Otherwise provided by the agreement; or (b) All parties to the agreement consent to the revocation. (2) Upon default by a party to a contribution agreement entered into before formation, the limited cooperative association, once formed, may: (a) Collect the amount owed as any other debt; or (b) Unless otherwise provided in the agreement, rescind the agreement if the debt remains unpaid more than twenty days after the limited cooperative association demands payment from the party in a record.