§ 1002.
141 words·~1 min read·
/vt/1002A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1002. Contribution and valuation
(a)Unless the organic rules otherwise provide, the contributions of a member to a mutual benefit enterprise may consist of tangible or intangible property or other benefit to the enterprise, including money, labor, or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed.
(b)The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a mutual benefit enterprise’s records.
(c)Unless the organic rules otherwise provide, the board of directors shall determine the value of a member’s contributions received or to be received, and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member’s contribution obligation has been met. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)