16-16-1403. Activities not constituting transacting business.

264 words·~1 min read·/ut/title-16/chapter-16/16-16-1403

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

(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 affairs;

(c)maintaining accounts in financial institutions;

(d)maintaining offices or agencies for the transfer, exchange, and registration of the foreign cooperative's own securities or maintaining trustees or depositories with respect to those securities;

(e)selling through independent contractors;

(f)soliciting or obtaining orders, whether by mail or electronic means, through employees, agents, or otherwise, if the orders require acceptance outside this state before they become contracts;

(g)creating or acquiring indebtedness, mortgages, or security interests in real or personal property;

(h)securing or collecting debts or enforcing mortgages or other security interests in property securing the debts, and holding, protecting, and maintaining property so acquired;

(i)conducting an isolated transaction that is completed within 30 days and is not one in the course of similar transactions; and

(j)transacting business in interstate commerce.

(2)For purposes of this part, the ownership in this state of income-producing real property or tangible personal property, other than property excluded under Subsection

(1), constitutes transacting business in this state.

(3)This section does not apply in determining the contacts or activities that may subject a foreign cooperative to service of process, taxation, or regulation under law of this state other than this chapter.

Enacted by Chapter 363 , 2008 General Session