§ 43-38-506. When Assignment of Financial and Governance Rights Effective
Any permissible assignment of financial rights under § 43-38-503 and of governance rights under § 43-38-504 will be effective as to and binding upon the cooperative only when the assignee’s name, address, social security or taxpayer identification number and the nature and extent of the assignment are reflected in the required records of the cooperative.
§ 43-38-507. Judgment Creditors of Members
On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member’s financial rights with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the member’s financial rights under […]
§ 43-38-508. Death, Incompetence, or Bankruptcy of Member — Member That Is Dissolved, Terminated, or in Receivership
If a member who is an individual dies, a court of competent jurisdiction adjudges the member to be incompetent to manage the member’s person or property, or the court places the individual in bankruptcy, the member’s executor, administrator, guardian, conservator, trustee, or other legal representative, except as otherwise provided in the articles or bylaws, may […]
§ 43-38-509. Contribution Agreements or Contribution Allowance Agreements — Preemptive Rights
Unless otherwise specifically provided in the articles or bylaws, members or parties, other than the cooperative, to a contribution agreement or a contribution allowance agreement shall not have preemptive rights. If the articles or bylaws provide for the possibility of preemptive rights, these rights shall be granted on the terms and conditions prescribed in the […]
§ 43-38-510. Annual Members’ Meetings
Regular members’ meetings shall be held annually at a time determined by the board, unless otherwise provided for in the bylaws. The regular members’ meeting shall be held at the principal place of business of the cooperative or at another conveniently located place as determined by the bylaws or the board. The officers shall submit […]
§ 43-38-511. Special Members’ Meetings
Special members’ meetings of the members may be called by: A majority vote of the board; or The written petition of at least twenty percent (20%) of the patron members, twenty percent (20%) of the nonpatron members or twenty percent (20%) of all members collectively, submitted to the chair. The cooperative shall give notice of […]
§ 43-38-512. Notice of Meetings
Except as otherwise provided in this chapter or in the articles, written notice to all meetings of members must be given to every member entitled to vote on the matters to be considered, unless: The meeting is an adjourned meeting and the date, time, and place of the meeting were announced at the time of […]
§ 43-38-501. Amount and Division of Membership of Interests — Selling and Transferring Interests — Purchasing Interests — Dissent
The authorized amount and divisions of patron membership interests and nonpatron membership interests may be increased or decreased or established or altered, in accordance with the restrictions in this chapter by amending the articles at a regular members’ meeting or at a special members’ meeting called for the purpose of the amendment. Authorized membership interests […]
§ 43-38-502. Termination of Membership
A member always has the power to terminate membership by withdrawing at any time. Unless otherwise provided in this chapter, the articles or the bylaws, any other withdrawal or termination shall be deemed wrongful. Unless otherwise provided in the articles, a member may not be expelled. If, for any reason, the continued membership of a […]
§ 43-38-503. Assignment of Member’s Financial Rights
Except as provided in subsection (c), a member’s financial rights are transferable in whole or in part. An assignment of a member’s financial rights entitles the assignee to receive, to the extent assigned, only the share of profits and losses and the distributions to which the assignor would otherwise be entitled. An assignment of a […]