Public-domain · open source
OpenJurist

Utah Code § 16-16-1501

Disposition of assets not requiring member approval

Enacted by Chapter 363, 2008 General Session

Unless the articles of organization otherwise provide, member approval under Section 16-16-1502 is not required for a limited cooperative association to:

(1) sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and regular course of business; or

(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business.

Official source: Utah State Legislature. Reproduced from public-domain Utah statutes; confirm against the official source for the current text. Not legal advice.