§ 43-38-301. Bylaws — Provisions —Amendments
A cooperative shall have bylaws in writing governing the cooperative’s business affairs, structure, the qualifications, classification, rights and obligations of members, and the classifications, allocations and distributions of membership interests. The bylaws of a cooperative may be adopted or amended by the board of directors as provided in subsection (c), or at a regular or […]
§ 43-38-302. Approval of and Agreement to Bylaws — Vote to Amend — Enforcement
Except as otherwise provided in the articles, the bylaws must initially be agreed to by all members or the organizer or organizers. Any person becoming a member after the bylaws have been adopted by the organizers or the members will be deemed to have agreed to the bylaws. Unless otherwise provided in the articles or […]
§ 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 […]
§ 43-38-114. Marketing Contracts
A cooperative and its patron member or patron may make and execute a marketing contract, requiring the patron member or patron to sell a specified portion of the patron member’s or patron’s agricultural product or specified commodity produced from a certain area exclusively to or through the cooperative or facility established by the cooperative. If […]
§ 43-38-115. Unclaimed Property
A cooperative may, in lieu of paying or delivering to the state the unclaimed property specified in its report of unclaimed property, distribute the unclaimed property to a corporation or organization that is exempt from taxation. A cooperative making the election to distribute unclaimed property shall file with the secretary of state: A verified written […]
§ 43-38-116. Challenge of Cooperative Action
Except as provided in subsection (b), the validity of a cooperative’s action may not be challenged on the ground that the cooperative lacks or lacked the power to act. A cooperative power to act may be challenged in a proceeding by: A member against the cooperative to enjoin the act; The cooperative directly, derivatively, or […]
§ 43-38-117. Limitation of Liability
Except as provided in subsections (e) and (f), a member, holder of financial interest, director, officer, employee or other agent of a cooperative does not have any personal obligation and is not otherwise personally liable for the acts, debts, liabilities, or obligations of the cooperative, whether they arise in contract, tort or otherwise. A member, […]
§ 43-38-118. Required Records and Information
A cooperative shall keep at its principal executive office, or at another place or places within the United States determined by the board: A current list of the full names and last-known business, residence or mailing addresses of the chief manager, secretary and each member and governor; A current list of the full name and […]