Section 1611 – Consolidation.
16-16-1611. Consolidation. (1) Constituent entities that are limited cooperative associations or foreign cooperatives may agree to call a merger a consolidation under this part. (2) All provisions governing mergers or using the term merger in this chapter apply equally to mergers that the constituent entities choose to call consolidations under Subsection (1). Enacted by Chapter […]
Section 1612 – Part not exclusive.
16-16-1612. Part not exclusive. This part does not prohibit a limited cooperative association from being converted or merged under law other than this chapter. Enacted by Chapter 363, 2008 General Session
Section 1701 – Uniformity of application and construction.
16-16-1701. Uniformity of application and construction. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Amended by Chapter 378, 2010 General Session
Section 1702 – Relation to Electronic Signatures in Global and National Commerce Act.
16-16-1702. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of any […]
Section 1703 – Savings clause.
16-16-1703. Savings clause. This chapter does not affect an action or proceeding commenced, or right accrued, before May 5, 2008. Enacted by Chapter 363, 2008 General Session
Section 1604 – Filings required for conversion — Effective date.
16-16-1604. Filings required for conversion — Effective date. (1) After a plan of conversion is approved: (a) a converting limited cooperative association shall deliver to the division for filing articles of conversion, which shall include: (i) a statement that the limited cooperative association has been converted into another entity; (ii) the name and form of […]
Section 1605 – Effect of conversion.
16-16-1605. Effect of conversion. (1) An entity that has been converted pursuant to this part is for all purposes the same entity that existed before the conversion and is not a new entity but, after conversion, is organized under the organic law of the converted entity and is subject to that law and other law […]
Section 1606 – Merger.
16-16-1606. Merger. (1) One or more limited cooperative associations may merge with one or more other entities pursuant to this part and a plan of merger if: (a) the governing statute of each of the other entities authorizes the merger; (b) the merger is not prohibited by the law of a jurisdiction that enacted any […]
Section 1607 – Notice and action on plan of merger by constituent limited cooperative association.
16-16-1607. Notice and action on plan of merger by constituent limited cooperative association. (1) For a limited cooperative association to merge with another entity, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the association’s organic rules. (2) The board of […]
Section 1608 – Approval or abandonment of merger by members.
16-16-1608. Approval or abandonment of merger by members. (1) Subject to Subsections (2) and (3), a plan of merger shall be approved by: (a) at least two-thirds of the voting power of members present at a members meeting called under Subsection 16-16-1607(2); and (b) if the limited cooperative association has investor members, at least a […]