North Dakota § 10-15-55 Defense of ultra vires

North Dakota Statutes

§ 10-15-55 — Defense of ultra vires

North Dakota·Title 10 Corporations·Ch. 10-15 Cooperative Associations

No act and no transfer of property to or by a cooperative is invalid because made in excess of the cooperative's power, except that such lack of power may be asserted in a proceeding by:

1.A member, stockholder, or director against the cooperative to enjoin any act or any transfer of property to or by the cooperative.

2.The cooperative or its legal representative against any present or former officer or director.

3.The attorney general against the cooperative in an action to dissolve the cooperative or to enjoin it from the transaction of unauthorized business.

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No act and no transfer of property to or by a cooperative is invalid because made in excess
of the cooperative's power, except that such lack of power may be asserted in a proceeding by:
1. A member, stockholder, or director against the cooperative to enjoin any act or any
transfer of property to or by the cooperative.
2. The cooperative or its legal representative against any present or former officer or
director.
3. The attorney general against the cooperative in an action to dissolve the cooperative
or to enjoin it from the transaction of unauthorized business.

North Dakota § 10-15-55 (Defense of ultra vires) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.