Section 45 – Sale, mortgage, and lease of assets.
3-1-45. Sale, mortgage, and lease of assets. (1) (a) The association may sell, lease, exchange, mortgage, pledge, dispose of, or repay a debt with any of the property and assets of an association, if this action is made in the usual and regular course of business of the association. (b) The action taken under Subsection […]
Section 18 – Inducing breach of contract — False reports — Penalty.
3-1-18. Inducing breach of contract — False reports — Penalty. A person or corporation whose officers or employees knowingly induce or attempt to induce a member or stockholder of an association to violate his marketing contract with the association, or who intentionally spreads false reports about its finances or management: (1) is guilty of a […]
Section 19 – Association not in restraint of trade — Right to disseminate information.
3-1-19. Association not in restraint of trade — Right to disseminate information. (1) No association complying with the terms hereof shall be deemed to be a conspiracy, or a combination in restraint of trade, or an illegal monopoly; or be deemed to have been formed for the purpose of lessening competition or fixing prices arbitrarily, […]
Section 20 – Voluntary dissolution — Distribution of assets — Proceedings.
3-1-20. Voluntary dissolution — Distribution of assets — Proceedings. (1) (a) An association may be dissolved: (i) at a regular meeting, or a special meeting called for that purpose; (ii) after 30 days advance notice of the time, place, and object of the meeting is served on the members of the association as prescribed in […]
Section 20.1 – Grounds for judicial dissolution.
3-1-20.1. Grounds for judicial dissolution. (1) An association may be dissolved in a proceeding by the attorney general if it is established that the association: (a) obtained its articles of incorporation through fraud; or (b) has continued to exceed or abuse the authority conferred upon it by law. (2) An association may be dissolved in […]
Section 20.2 – Procedure for judicial dissolution.
3-1-20.2. Procedure for judicial dissolution. (1) (a) A proceeding by the attorney general to dissolve an association shall be brought in either the district court of the county in which the principal office or registered office of the association is situated, or the district court of Salt Lake County. (b) A proceeding brought by any […]
Section 20.3 – Receivership or custodianship.
3-1-20.3. Receivership or custodianship. (1) (a) A court, in a judicial proceeding to dissolve an association, may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the business and affairs of the association. (b) The court shall hold a hearing, after giving notice to all parties to […]
Section 20.4 – Decree of dissolution.
3-1-20.4. Decree of dissolution. (1) (a) If, after a hearing, the court determines that one or more grounds for judicial dissolution described in Section 3-1-20.1 exist, it may enter a decree dissolving the association and specifying the effective date of the dissolution. (b) The clerk of the court shall deliver a certified copy of the […]
Section 21 – Existing associations continued under chapter.
3-1-21. Existing associations continued under chapter. (1) This act shall be applicable to any existing association formed under any law of this state providing for the incorporation of agricultural cooperative associations, for a purpose for which an association may be formed under this act, and particularly to associations formed under the Agricultural Cooperative Association Act, […]
Section 22 – Accrued rights not affected by chapter.
3-1-22. Accrued rights not affected by chapter. This act does not impair nor affect any act, offense committed, or right accruing, accrued or acquired, or liability, penalty, forfeiture or punishment incurred prior to the time this act takes effect, but the same may be enjoyed, asserted, enforced, prosecuted, or inflicted as fully and to the […]