Utah § 16-16-104 Nature of limited cooperative association.

Utah Statutes

§ 16-16-104 — Nature of limited cooperative association.

Utah § 16-16-104

Title 16Corporations

Ch. 16-16Uniform Limited Cooperative Association Act

Part 16-16-1General Provisions

This text of Utah § 16-16-104 (Nature of limited cooperative association.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 16-16-104 (2026).

Text

(1)A limited cooperative association organized under this chapter is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, which permits combining:

(1)(a) ownership, financing, and receipt of benefits by the members for whose interests the association is formed; and

(1)(b) separate investments in the association by members who may receive returns on their investments and a share of control.

(2)The fact that a limited cooperative association does not have one or more of the characteristics described in Subsection (1) does not alone prevent the association from being formed under and governed by this chapter nor does it alone provide a basis for an action against the association.

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(1) A limited cooperative association organized under this chapter is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, which permits combining:

(1)(a) ownership, financing, and receipt of benefits by the members for whose interests the association is formed; and
(1)(b) separate investments in the association by members who may receive returns on their investments and a share of control.
(2) The fact that a limited cooperative association does not have one or more of the characteristics described in Subsection (1) does not alone prevent the association from being formed under and governed by this chapter nor does it alone provide a basis for an action against the association.