§ 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 […]
§ 43-38-802. Actions Entitling Member to Dissent
A member of a cooperative is entitled to dissent from and obtain payment of the fair value, as determined under § 43-38-807, of the member’s membership interests in the event of any of the following cooperative actions: Consummation of a plan or merger to which the cooperative is a party; Consummation of a sale, lease, […]
§ 43-38-803. Submitting Action Creating Dissenter’s Right to Vote
If proposed cooperative action creating dissenter’s rights under § 43-38-802 is submitted to a vote at a members’ meeting, the meeting notice must state that members are or may be entitled to assert dissenter’s rights under this part and be accompanied by a copy of this part. If cooperative action creating dissenter’s rights under § […]
§ 43-38-804. Procedure for Asserting Dissenter’s Rights
If proposed cooperative action creating dissenter’s rights under § 43-38-802 is submitted to vote at a members’ meeting, a member who wishes to assert dissenter’s rights: Must deliver to the cooperative, before the vote is taken, written notice of the member’s intent to demand payment for the member’s membership interest if the proposed action is […]
§ 43-38-616. Standards for Directors
A director shall discharge the duties of the position as a director, including duties as a member of a committee, in good faith, in a manner the director reasonably believes to be in the best interests of the cooperative, and with the care an ordinary prudent person in a like position would exercise under similar […]
§ 43-38-617. Conflict of Interest
A conflict of interest transaction is a transaction with the cooperative in which a director, officer or non-director member of a special litigation committee of the cooperative has a direct or indirect interest. A conflict of interest transaction is not voidable by the cooperative solely because of the director’s or officer’s interest in the transaction […]
§ 43-38-618. Officers
The cooperative shall have a president and a secretary who shall not be the same person, and such other officers as may be elected or appointed by the board of directors in accordance with § 43-38-619.
§ 43-38-619. Election or Appointment of Officers
The board of directors shall elect or appoint, in a manner set forth in the articles or bylaws or in a resolution approved by the affirmative vote of a majority of the directors present, a president, secretary and any other officers or agents the board of directors considers necessary or desirable for the operation and […]
§ 43-38-620. Residency Requirements for Officers
Officers need not be residents of this state or members of the cooperative, unless the articles or bylaws so require. The articles or bylaws may prescribe other qualifications for officers.