16-16-1001. Members’ contributions. The organic rules shall establish the amount, manner, or method of determining any contribution requirements for members or shall authorize the board of directors to establish the amount, manner, or other method of determining any contribution requirements for members. Amended by Chapter 378, 2010 General Session
16-16-1002. Contribution and valuation. (1) Unless the organic rules otherwise provide, the contributions of a member to a limited cooperative association may consist of tangible or intangible property or other benefit to the association, including money, labor or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and […]
16-16-1003. Contribution agreements. (1) Except as otherwise provided in the agreement, the following rules apply to an agreement made by a person before formation of a limited cooperative association to make a contribution to the association: (a) The agreement is irrevocable for six months after the agreement is signed by the person unless all parties […]
16-16-1004. Allocations of profits and losses. (1) The organic rules may provide for allocating profits of a limited cooperative association among members, among persons that are not members but conduct business with the association, to an unallocated account, or to any combination thereof. Unless the organic rules otherwise provide, losses of the association shall be […]
16-16-1005. Distributions. (1) Unless the organic rules otherwise provide and subject to Section 16-16-1007, the board of directors may authorize, and the limited cooperative association may make, distributions to members. (2) Unless the organic rules otherwise provide, distributions to members may be made in any form, including money, capital credits, allocated patronage equities, revolving fund […]
16-16-1006. Redemption or repurchase. Property distributed to a member by a limited cooperative association, other than money, may be redeemed or repurchased as provided in the organic rules but a redemption or repurchase may not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole […]
16-16-1007. Limitations on distributions. (1) A limited cooperative association may not make a distribution if, after the distribution: (a) the association would not be able to pay its debts as they become due in the ordinary course of the association’s activities; or (b) the association’s assets would be less than the sum of its total […]
16-16-1008. Liability for improper distributions — Limitation of action. (1) A director who consents to a distribution that violates Section 16-16-1007 is personally liable to the limited cooperative association for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to […]
16-16-1009. Alternative distribution of unclaimed property, distributions, redemptions, or payments. A limited cooperative association may distribute unclaimed property, distributions, redemptions, or payments by complying with Section 3-1-11. Enacted by Chapter 363, 2008 General Session
