21-29,111 – Notice and action on amendment of articles of organization or bylaws.
21-29,111. Notice and action on amendment of articles of organization or bylaws. To amend its articles of organization or bylaws: (1) A proposed amendment shall be approved by a majority vote of the board of directors unless a greater vote is required by the articles of organization or bylaws; and (2) The board of directors […]
21-2996 – Denial of reinstatement; appeal.
21-2996. Denial of reinstatement; appeal. (1) If the Secretary of State denies a limited cooperative association’s application for reinstatement following administrative dissolution, the Secretary of State shall prepare, sign, and file a notice that explains the reason or reasons for denial and serve the limited cooperative association with a copy of the notice. (2) Within […]
21-29,112 – Change to amendment of articles of organization or bylaws at meeting.
21-29,112. Change to amendment of articles of organization or bylaws at meeting. (1) No substantive change to the proposed amendment of the articles of organization or bylaws shall be made at the members’ meeting at which the vote occurs. (2) Subject to subsection (1) of this section, any amendment of the amendment need not be […]
21-2997 – Direct action by member.
21-2997. Direct action by member. (1) Subject to subsection (2) of this section, a member may maintain a direct action against the limited cooperative association, an officer, or a director to enforce the rights and otherwise protect the interests of the member, including rights and interests under the articles of organization or bylaws. (2) A […]
21-2998 – Derivative action.
21-2998. Derivative action. A member may maintain a derivative action to enforce a right of a limited cooperative association if the member adequately represents the interests of the limited cooperative association and if: (1) The member first makes a demand on the limited cooperative association, requesting that it bring an action to enforce the right, […]
21-2999 – Proper plaintiff.
21-2999. Proper plaintiff. A derivative action may be maintained only by a person that is a member at the time the action is commenced and: (1) That was a member when the conduct giving rise to the action occurred; or (2) Whose status as a member devolved upon the person by operation of law from […]
21-29,100 – Complaint.
21-29,100. Complaint. In a derivative action, the complaint shall state with particularity: (1) The date and content of the plaintiff’s demand and the limited cooperative association’s response to the demand; and (2) If ninety days have not expired under subdivision (2) of section 21-2998, that irreparable injury to the limited cooperative association would result by […]
21-29,101 – Proceeds and expenses.
21-29,101. Proceeds and expenses. (1) Except as otherwise provided in subsection (2) of this section: (a) Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited cooperative association and not to the derivative plaintiff; and (b) If the derivative plaintiff receives any proceeds, the derivative plaintiff […]
21-29,102 – Governing law.
21-29,102. Governing law. (1) The laws of the state or other jurisdiction under which a foreign limited cooperative association is organized govern relations among the members of the foreign limited cooperative association and between the members and the foreign limited cooperative association. (2) A foreign limited cooperative association shall not be denied a certificate of […]
21-29,103 – Application for certificate of authority.
21-29,103. Application for certificate of authority. (1) A foreign limited cooperative association may apply for a certificate of authority to transact business in this state by delivering an application to the Secretary of State for filing. The application shall state: (a) The name of the foreign limited cooperative association and, if the name does not […]