§ 43-16-111. Capital Stock — Articles Specifying Division Into Preferred and Common Stock
The capital stock may be divided into preferred and common stock. If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted, and the nature and definite extent of the […]
§ 43-16-112. Articles to Be Signed, Acknowledged, and Filed — Prima Facie Evidence of Incorporation
The articles must be signed by the incorporators; and when filed, the articles of incorporation, or certified copies thereof, shall be received in all the courts of this state and other places as prima facie evidence of the due incorporation of the association.
§ 43-16-113. Amendment of Articles of Incorporation
An amendment, including any conversion to a general nonprofit corporation pursuant to § 48-61-109, must first be approved by two thirds (2/3) of the directors and then adopted by a vote representing a majority of all the members of the association. However, if, at a meeting of the members of the association to which a […]
§ 43-16-114. Code of Bylaws — Provisions
Each association incorporated under this chapter must, within thirty (30) days after its incorporation, adopt for its government and management, a code of bylaws, not inconsistent with the powers granted by this chapter. A majority vote of the members or stockholders, or their written assent, is necessary to adopt such bylaws. Each association, under its […]
§ 43-16-115. Regular and Special Meetings — Notice — Provisions as to Notice
In its bylaws, each association shall provide for one (1) or more regular meetings annually. The board of directors shall have the right to call a special meeting at any time; and ten percent (10%) of the members or stockholders may file a petition stating the specific business to be brought before the association and […]
§ 43-15-104. Contracts Are Binding, Irrevocable, and Enforceable — Damages for Breach
Every such contract shall be binding and irrevocable by either party, and may be specifically enforced in equity; or, if breached by either party, the injured party may bring suit for damages at law, if the party elects to do so.
§ 43-16-101. Short Title
For the purpose of brevity and convenience, this chapter shall be known and may be cited as the “Cooperative Marketing Law.”
§ 43-16-102. Purpose of Chapter
This chapter is enacted in order to promote, foster, and encourage the intelligent and orderly marketing of agricultural products and other products of the soil, through cooperation; to eliminate speculation and waste; to make the distribution of agricultural products between producer and consumer as direct as can be efficiently done; to stabilize the marketing of […]
§ 43-16-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Agricultural products” includes horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products; “Association” means any corporation organized under this chapter; “Member” includes actual members of associations without capital stock, and holders of common stock in associations organized with capital stock; and “Person” includes […]
§ 43-16-104. Nonprofit Cooperative Association — Persons Entitled to Form
Eleven (11) or more persons, a majority of whom are residents of this state, engaged in the production of agricultural products, may form a nonprofit, cooperative association, with or without capital stock, under this chapter.