Utah § 16-16-803 Qualifications of directors.

Utah Statutes

§ 16-16-803 — Qualifications of directors.

Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-8 Directors and Officers

(1)Unless the organic rules otherwise provide, and subject to Subsection (3), each director of a limited cooperative association shall be an individual who is a member of the association or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.

(2)Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.

(3)If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:

(3)(a) one, if there are two through four directors;

(3)(b) two, if there are five through eight directors; or

(3)(c) 1/3 of the total number of directors if there are at least nine directors.

(4)The organi

Free access — add to your briefcase to read the full text and ask questions with AI

(1) Unless the organic rules otherwise provide, and subject to Subsection (3), each director of a limited cooperative association shall be an individual who is a member of the association or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director. Initial directors need not be members.
(2) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.
(3) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:

(3)(a) one, if there are two through four directors;
(3)(b) two, if there are five through eight directors; or
(3)(c) 1/3 of the total number of directors if there are at least nine directors.
(4) The organic rules may provide qualifications for directors in addition to those in this section.

Utah § 16-16-803 (Qualifications of directors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.