§ 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 […]
§ 43-38-513. Certificate and Statement of Notice
After mailing special or regular members’ meeting notices or otherwise delivering the notices, the cooperative shall execute a certificate containing the date of mailing or delivery of the notice and a statement that the special or regular members’ meeting notices were mailed or delivered as prescribed by law. The certificate shall be made a part […]
§ 43-38-514. Failure to Receive Notice
Failure of a member to receive a special or regular members’ meeting notice does not invalidate an action that is taken by the members at a members’ meeting.
§ 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 […]
§ 43-38-406. 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 […]
§ 43-38-501. 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 […]