16-16-105 - Purpose and duration of limited cooperative association.
16-16-105. Purpose and duration of limited cooperative association.
(1) A limited cooperative association is an entity distinct from its members.
(2) A limited cooperative association may be organized for any lawful purpose, whetheror not for profit, except for the operation of a financial institution as defined in Section 7-1-103.
(3) Unless the articles of organization state a term for a limited cooperative association'sexistence, the association has perpetual duration.
Enacted by Chapter 363, 2008 General Session