§ 43-38-124. Promulgation of Rules and Regulations — Destruction of Records
The secretary of state has the authority and is empowered to perform the duties required of the secretary of state by this chapter including, without limitation, the authority to promulgate necessary and appropriate rules and regulations pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, and the power to destroy any […]
§ 43-38-125. Deputies of the Secretary of State
An act of a duly authorized deputy of the secretary of state in the secretary of state’s behalf under this chapter is the equivalent of the act of the secretary of state; provided, however, that the deputy signs the name of the secretary of state by the deputy as deputy.
§ 43-38-122. Merger and Consolidation
Unless otherwise prohibited, cooperatives organized under the laws of this state may merge or consolidate with each other or other business entities organized under the laws of this state or another state by complying with this section or the law of the state where the surviving or new business entity will exist. To initiate a […]
§ 43-38-123. Management of Property and Assets
A cooperative may, by affirmative vote of a majority of the board present, upon those terms and conditions and for those considerations, which may be money, securities, or other instruments for the payment of money or other property, as the board of directors considers expedient, and without member approval: Sell, lease, transfer, or otherwise dispose […]
§ 43-38-114. Marketing Contracts
A cooperative and its patron member or patron may make and execute a marketing contract, requiring the patron member or patron to sell a specified portion of the patron member’s or patron’s agricultural product or specified commodity produced from a certain area exclusively to or through the cooperative or facility established by the cooperative. If […]
§ 43-38-115. Unclaimed Property
A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property, distribute the unclaimed property to a corporation or organization that is exempt from taxation. A cooperative making the election to distribute unclaimed property shall file with the secretary of state: A verified written […]
§ 43-38-116. Challenge of Cooperative Action
Except as provided in subsection (b), the validity of a cooperative’s action may not be challenged on the ground that the cooperative lacks or lacked the power to act. A cooperative power to act may be challenged in a proceeding by: A member against the cooperative to enjoin the act; The cooperative directly, derivatively, or […]
§ 43-38-117. Limitation of Liability
Except as provided in subsections (e) and (f), a member, holder of financial interest, director, officer, employee or other agent of a cooperative does not have any personal obligation and is not otherwise personally liable for the acts, debts, liabilities, or obligations of the cooperative, whether they arise in contract, tort or otherwise. A member, […]
§ 43-38-118. Required Records and Information
A cooperative shall keep at its principal executive office, or at another place or places within the United States determined by the board: A current list of the full names and last-known business, residence or mailing addresses of the chief manager, secretary and each member and governor; A current list of the full name and […]
§ 43-38-119. Preparation of Annual Reports
A cooperative shall prepare financial statements at least annually, which may be consolidated or combined statements of the cooperative and one (1) or more of its subsidiaries, as appropriate, that include a balance sheet as of the end of the reporting period and an income statement for that period. If financial statements are prepared for […]