§ 43-38-123. Management of Property and Assets
A cooperative may, by affirmative vote of a majority of the board present, upon those terms and conditions and for those considerations, which may be money, securities, or other instruments for the payment of money or other property, as the board of directors considers expedient, and without member approval: Sell, lease, transfer, or otherwise dispose […]
§ 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, […]
§ 43-38-104. Notice
Notice under this chapter shall be in writing, except that oral notice is effective if it is reasonable under the circumstances and not prohibited by the articles or bylaws. Notice may be communicated in person, by telephone, telegraph, teletype, or other form of wire or wireless communication, or by mail or private carrier. If these […]
§ 43-38-105. Name of Cooperative
The name of a cooperative shall distinguish the cooperative upon the records in the office of the secretary of state from the name of a domestic or foreign business entity, authorized or registered to do business in this state or a name the right to which is, at the time of organization, reserved or provided […]
§ 43-38-106. Reservation of Cooperative Name With Secretary of State
A person may reserve the exclusive use of a cooperative name, including an assumed cooperative name, by delivering an application to the secretary of state for filing. The application must set forth the name and address of the applicant and the name proposed to be reserved. If the secretary of state finds that the cooperative […]
§ 43-38-107. Registered Office and Registered Agent
Each cooperative shall have and continuously maintain in this state: A registered office, which may be, but need not be, the same as its place of business; A registered agent, which agent may be either an individual resident in this state whose business office is identical with the registered office, or a domestic or foreign […]
§ 43-38-108. Change of Registered Office or Registered Agent
A cooperative may change its registered office or agent, or both, upon filing in the office of the secretary of state a statement of change setting forth: The name of the cooperative; If the address of its current registered office is to be changed, the address to which the registered office is to be changed, […]