16-16-1202. Nonjudicial dissolution.

142 words·~1 min read·/ut/title-16/chapter-16/16-16-1202·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Except as otherwise provided in Sections 16-16-1203 and 16-16-1211 , a limited cooperative association is dissolved and its activities shall be wound up:

(1)upon the occurrence of an event or at a time specified in the articles of organization;

(2)upon the action of the association's organizers, board of directors, or members under Section 16-16-1204 or 16-16-1205 ; or

(3)90 days after the dissociation of a member, which results in the association having one patron member and no other members, unless the association:

(a)has a sole member that is a cooperative; or

(b)not later than the end of the 90-day period, admits at least one member in accordance with the organic rules and has at least two members, at least one of which is a patron member.

Amended by Chapter 378 , 2010 General Session