16-16-105. Purpose and duration of limited cooperative association.
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16-16-105. Purpose and duration of limited cooperative association.
(1)A limited cooperative association is an entity distinct from its members.
(2)A limited cooperative association may be organized for any lawful purpose, whether or not for profit, except for the operation of a financial institution as defined in Section 7-1-103 .
(3)Unless the articles of organization state a term for a limited cooperative association's existence, the association has perpetual duration.
Enacted by Chapter 363 , 2008 General Session