Utah § 16-16-1202 Nonjudicial dissolution.

Utah Statutes

§ 16-16-1202 — Nonjudicial dissolution.

Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-12 Dissolution

Except as otherwise provided in Sections 16-16-1203 and 16-16-1211, a limited cooperative association is dissolved and its activities shall be wound up:

(1)upon the occurrence of an event or at a time specified in the articles of organization;

(2)upon the action of the association's organizers, board of directors, or members under Section 16-16-1204 or 16-16-1205; or

(3)90 days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association:

(3)(a) has a sole member that is a cooperative; or

(3)(b) not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.

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Except as otherwise provided in Sections 16-16-1203 and 16-16-1211, a limited cooperative association is dissolved and its activities shall be wound up:
(1) upon the occurrence of an event or at a time specified in the articles of organization;
(2) upon the action of the association's organizers, board of directors, or members under Section 16-16-1204 or 16-16-1205; or
(3) 90 days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association:

(3)(a) has a sole member that is a cooperative; or
(3)(b) not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.

Utah § 16-16-1202 (Nonjudicial dissolution.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.