§ 43-38-526. Determination of the Owners of Membership Interests
The articles or bylaws may fix a “record date” for the determination of the owners of membership interests entitled to notice of and entitled to vote at a meeting, to demand a meeting, to vote or to take any other action. When a date is so fixed, only members on that date are entitled to […]
§ 43-38-527. Grouping of Members
A cooperative may group members and patron members into districts, units or another basis, if and as authorized in its articles and bylaws, which may include authorization for the board to determine the groupings. The board may do things necessary to implement the use of districts or units, including setting the time and place and […]
§ 43-38-528. Violations of Articles, Bylaws, Member Control Agreements or Marketing Contracts — Surrender of Financial Rights — Surrender of Voting Rights
A member who knowingly, intentionally, or repeatedly violates a provision of the articles, bylaws, member control agreement or marketing contract with the cooperative, may be required by the board to surrender the financial rights of membership interest of any class owned by the member. The cooperative shall refund to the member for the surrendered financial […]
§ 43-38-529. Member Liability
A member is not, merely on account of that status, personally liable for the acts, debts, liabilities, or obligations of a cooperative. A member is liable for any unpaid subscription for the membership interest, unpaid membership fees, or a debt for which the member has separately contracted with the cooperative.
§ 43-38-530. Inspection and Copying of Records by Members
A member of the cooperative is entitled to inspect and copy, during regular business hours at the cooperative’s principal executive office, any of the records of the cooperative described in § 43-38-118, if the member gives the cooperative written notice of the demand at least five (5) business days before the date on which the […]
§ 43-38-531. Inspection and Copying of Records by Member’s Agent or Attorney
A member’s agent or attorney has the same inspection and copying rights as the member the agent or attorney represents. The right to copy records under § 43-38-530 includes, if reasonable, the right to receive copies made by photographic, xerographic, or other means. The cooperative may impose a reasonable charge, covering the costs of labor […]
§ 43-38-532. Enforcement of Right to Inspect and Copy Records
If a cooperative does not allow a member who complies with § 43-38-530(a) to inspect and copy any records required by that subsection to be available for inspection, a court in the county where the cooperative’s principal executive office, or, if none in this state, its registered office, is located may summarily order inspection and […]
§ 43-38-517. Procedure for Taking Action Without a Meeting on Written Consent
To take action on written consent: A written waiver of acting at a meeting must be signed by all members, or a smaller number or percentage interest as provided for in the articles or bylaws, but not less than a majority in voting power; and A written consent must be signed by members who own […]
§ 43-38-518. Proposal to Take Action Without a Meeting — Notice — Procedure for Calling a Meeting
Except with respect to dissolution, liquidation or merger, the board of directors may, acting on the board’s initiative, make a proposal to the members to take an action without a meeting. All members entitled to vote shall be given written notice of the proposal. The notice shall require a written response within a specified time, […]
§ 43-38-519. Quorum Requirements
The quorum for a members’ meeting to transact business shall be: Ten percent (10%) of the total number of members for a cooperative with five hundred (500) or fewer members; or Fifty (50) members for cooperatives with more than five hundred (500) members. In determining a quorum at a meeting, on a question submitted to […]