Section 185.96 - Application of chapter(1) After June 30, 1956, this chapter applies to all cooperatives. Any cooperative may elect to become subject to this chapter before said date by adopting an amendment to its articles making such election. All cooperatives formed after July 13, 1955 shall be formed under this chapter.(2) After January 1, 1956, this chapter applies to all foreign cooperatives.(3) Application of this chapter to associations existing before July 13, 1955 does not affect property rights of stockholders or members in such associations which were accrued or established at such time, nor does it affect any liability enforceable at such time, nor does it affect the validity or enforceability of contracts existing before such time.(4) Section 185.48 dealing with annual reports shall apply to all cooperatives on July 13, 1955.