§ 43-38-406. Effect of Amendment on Cause of Action
An amendment to the articles does not affect a cause of action existing against or in favor of the cooperative, a proceeding to which the cooperative is a party or the existing rights of persons other than members of the cooperative. An amendment changing a cooperative’s name does not abate a proceeding brought by or […]
§ 43-38-402. Procedure for Amending Articles
The articles of a cooperative shall be amended as follows: The board by majority vote shall pass a resolution stating the text of the proposed amendment. The text of the proposed amendment and an attached mail ballot, if the board has provided for a mail ballot in the resolution or alternative method approved by the […]
§ 43-38-403. Filing of Amendments
A cooperative amending its articles of organization shall deliver to the secretary of state for filing articles of amendment setting forth: The name of the cooperative; The text of each amendment adopted; The date of each amendment’s adoption; If an amendment was duly adopted by the board of directors without member action, a statement to […]
§ 43-38-404. Restatement of Articles
A cooperative’s board of directors may restate its articles at any time with or without member action. The restatement may include one (1) or more amendments to the articles. If the restatement includes an amendment requiring member approval, it shall be adopted as provided in § 43-38-402. If the board of directors submits a restatement […]
§ 43-38-405. Court Ordered Plan of Reorganization
A cooperative’s articles may be amended without action by the board of directors or members to carry out a plan of reorganization ordered or decreed by a court of competent jurisdiction under federal statute, if the articles after amendment contain only provisions required or permitted by § 43-38-203. The individual or individuals designated by the […]
§ 43-38-401. Amendment of Articles — No Vested Property Rights Conferred
A cooperative may amend its articles at any time to add or change a provision that is required or permitted in the articles or to delete a provision not required in the articles. Whether a provision is required or permitted in the articles is determined as of the effective date of the amendment. A member […]