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 1403 – Activities not constituting transacting business.
16-16-1403. Activities not constituting transacting business. (1) Activities of a foreign cooperative which do not constitute transacting business in this state under this part include: (a) maintaining, defending, and settling an action or proceeding; (b) holding meetings of the foreign cooperative’s members or directors or carrying on any other activity concerning the foreign cooperative’s internal […]
Section 1404 – Issuance of certificate of authority.
16-16-1404. Issuance of certificate of authority. Unless the division determines that an application for a certificate of authority does not comply with the filing requirements of this chapter, the division, upon payment by the foreign cooperative of all filing fees, shall file the application, issue a certificate of authority, and send a copy of the […]
Section 1405 – Noncomplying name of foreign cooperative.
16-16-1405. Noncomplying name of foreign cooperative. (1) A foreign cooperative whose name does not comply with Section 16-16-111 may not obtain a certificate of authority until it adopts, for the purpose of transacting business in this state, an alternative name that complies with Section 16-16-111. A foreign cooperative that adopts an alternative name under this […]
Section 1406 – Revocation of certificate of authority.
16-16-1406. Revocation of certificate of authority. (1) A certificate of authority may be revoked by the division in the manner provided in Subsection (2) if the foreign cooperative does not: (a) pay, not later than 60 days after the due date, any fee, tax, or penalty due to the division under this chapter or any […]
Section 1407 – Cancellation of certificate of authority — Effect of failure to have certificate.
16-16-1407. Cancellation of certificate of authority — Effect of failure to have certificate. (1) To cancel its certificate of authority, a foreign cooperative shall deliver to the division for filing a notice of cancellation. The certificate is canceled when the notice becomes effective under Section 16-16-203. (2) A foreign cooperative transacting business in this state […]
Section 1408 – Action by attorney general.
16-16-1408. Action by attorney general. The attorney general may maintain an action to restrain a foreign cooperative from transacting business in this state in violation of this part. Enacted by Chapter 363, 2008 General Session
Section 1501 – Disposition of assets not requiring member approval.
16-16-1501. Disposition of assets not requiring member approval. Unless the articles of organization otherwise provide, member approval under Section 16-16-1502 is not required for a limited cooperative association to: (1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of […]
Section 1502 – Member approval of other disposition of assets.
16-16-1502. Member approval of other disposition of assets. A sale, lease, exchange, license, or other disposition of assets of a limited cooperative association, other than a disposition described in Section 16-16-1501, requires approval of the association’s members under Sections 16-16-1503 and 16-16-1504 if the disposition leaves the association without significant continuing business activity. Enacted by […]
Section 1503 – Notice and action on disposition of assets.
16-16-1503. Notice and action on disposition of assets. For a limited cooperative association to dispose of assets under Section 16-16-1502: (1) a majority of the board of directors, or a greater percentage if required by the organic rules, shall approve the proposed disposition; and (2) the board of directors shall call a members meeting to […]