Utah § 16-16-1501 Disposition of assets not requiring member approval.

Utah Statutes

§ 16-16-1501 — Disposition of assets not requiring member approval.

Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-15 Disposition of Assets

Unless the articles of organization otherwise provide, member approval under Section 16-16-1502 is not required for a limited cooperative association to:

(1)sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or

(2)mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business.

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Unless the articles of organization otherwise provide, member approval under Section 16-16-1502 is not required for a limited cooperative association to:
(1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or
(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business.

Utah § 16-16-1501 (Disposition of assets not requiring member approval.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.