16-16-104 - Nature of limited cooperative association.
16-16-104. Nature of limited cooperative association.
(1) A limited cooperative association organized under this chapter is an autonomous,unincorporated association of persons united to meet their mutual interests through a jointlyowned enterprise primarily controlled by those persons, which permits combining:
(a) ownership, financing, and receipt of benefits by the members for whose interests theassociation is formed; and
(b) separate investments in the association by members who may receive returns on theirinvestments and a share of control.
(2) The fact that a limited cooperative association does not have one or more of thecharacteristics described in Subsection (1) does not alone prevent the association from beingformed under and governed by this chapter nor does it alone provide a basis for an action againstthe association.
Enacted by Chapter 363, 2008 General Session