Utah Statutes
§ 16-16-105 — Purpose and duration of limited cooperative association.
Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-1 General Provisions
(1)A limited cooperative association is an entity distinct from its members.
(2)A limited cooperative association may be organized for any lawful purpose, whether or not for profit, except for the operation of a financial institution as defined in Section 7-1-103.
(3)Unless the articles of organization state a term for a limited cooperative association's existence, the association has perpetual duration.
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Legislative History
Enacted by Chapter 363, 2008 General Session
Nearby Sections
15
§ 16-10a-1001
Authority to amend.§ 16-10a-1002
Amendment by board of directors.§ 16-10a-1003
Amendment by board of directors and shareholders.§ 16-10a-1004
Voting on amendments by voting groups.§ 16-10a-1005
Amendment before issuance of shares.§ 16-10a-1006
Articles of amendment.§ 16-10a-1007
Restated articles of incorporation.§ 16-10a-1008
Amendment pursuant to reorganization.§ 16-10a-1008.5
Conversion to a nonprofit corporation.§ 16-10a-1008.7
Conversion to or from a domestic limited liability company.§ 16-10a-1009
Effect of amendment.§ 16-10a-101
Short title.§ 16-10a-102
Definitions.