§ 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 […]
§ 43-38-504. Assignment of Governance Rights — Consequence of Ineffective Assignment
A member may assign the member’s full membership interest only by assigning all of the member’s governance rights coupled with an assignment to the same assignee of all the member’s financial rights. A member’s governance rights are assignable only as provided in this section. A member or holder of a financial right has no power […]
§ 43-38-505. Restrictions on Assignment of Governance Rights
In addition to restrictions set forth in this chapter, restrictions on the assignment of governance rights may be imposed in accordance with the procedures and under the same conditions as stated in § 43-38-503(c) for restricting the assignment of financial rights.
§ 43-38-303. Emergency Bylaws
Unless the article provides otherwise, the board of directors or the organizers of a cooperative may adopt bylaws to be effective only in an emergency. The emergency bylaws, which are subject to amendment or repeal by the members, may make all provisions necessary for managing the cooperative during the emergency, including: Procedures for calling a […]
§ 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 […]
§ 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.
§ 43-38-201. Organizational Purpose
A cooperative may be formed and organized on a cooperative plan as provided under this title, to market, process, or otherwise change the form or marketability of crops, livestock and other agricultural products, including manufacturing and further processing of those products and other purposes that are necessary or convenient to facilitate the production or marketing […]