§ 43-38-812. Costs and Fees of Judicial Appraisal
The court in an appraisal proceeding commenced under § 43-38-811 shall determine all costs of the proceeding including the reasonable compensation and expenses of appraisers appointed by the court. The court shall assess the costs against the cooperative, except that the court may assess costs against all or some of the dissenters, in amounts the […]
§ 43-38-813. Procedures as to Assignees of Financial Rights
When an assignment of some or all of the financial rights of a membership is in effect and a copy delivered to the cooperative prior to the time described in § 43-38-807, then as to that membership interest §§ 43-38-801 — 43-38-812 must be followed, subject to the following: All rights to be exercised and […]
§ 43-38-901. Allocation of Profits and Losses
The bylaws shall prescribe the allocation of profits and losses between patron membership interests collectively and other membership interests. If the bylaws do not otherwise provide, the profits and losses between patron membership interests collectively and other membership interests shall be allocated on the basis of the value of contributions to capital made by the […]
§ 43-38-902. Creation and Maintance of a Capital Reserve — Distribution of Net Income
A cooperative may set aside a portion of net income allocated to the patron membership interests as the board determines advisable to create or maintain a capital reserve. In addition to a capital reserve, the board may, for patron membership interests: Set aside an amount not to exceed five percent (5%) of the annual net […]
§ 43-38-903. Limitations on Distribution
No distribution may be made by a cooperative if, after giving effect to the distribution: The cooperative would not be able to pay its debts as they became due in the normal course of business; or The cooperative’s total assets would be less than the sum of its total liabilities, plus, unless the articles or […]
§ 43-38-702. Complaint
A complaint in a proceeding brought in the name of a cooperative must allege with particularity the demand made, if any, to obtain action by the board of directors or officers, and either that the demand was refused or ignored, or why the member did not make a demand.
§ 43-38-703. Court Approval Needed to Discontinue or Settle a Proceeding
A proceeding commenced under this part may not be discontinued or settled without the court’s approval. If the court determines that a proposed discontinuance or settlement will substantially affect the interest of the cooperative or a class of members and holders of financial rights, the court shall direct that notice be given the members and […]
§ 43-38-704. Expenses
On termination of the proceeding the court may require the plaintiff to pay the defendant’s reasonable expenses, including counsel fees, incurred in defending the proceeding, if it finds that the proceeding was commenced without reasonable cause. If a derivative action is successful in whole or in part, or if anything is received by the plaintiff […]
§ 43-38-705. Equitable Relief
If a cooperative or an officer or director of the cooperative violates a provision of this chapter, a court in this state may, in an action brought by a member of the cooperative, grant any equitable relief it considers just and reasonable in the circumstances and award expenses, including counsel fees and disbursements, to the […]
§ 43-38-801. Part Definitions
As used in this part, unless the context otherwise requires: “Cooperative” means a cooperative whose members have obtained rights to dissent under § 43-38-802(a), and includes any successor by merger; “Dissenter” means a member who is entitled to dissent from cooperative action under § 43-38-802(a) and who exercises that right when and in the manner […]