16-16-114 - Required information.
16-16-114. Required information.
(1) Subject to Subsection (2), a limited cooperative association shall maintain in a recordavailable at its principal office:
(a) a list containing the name, last known street address and, if different, mailing address,and term of office of each director and officer;
(b) the initial articles of organization and all amendments to and restatements of thearticles, together with a signed copy of any power of attorney under which any article,amendment, or restatement has been signed;
(c) the initial bylaws and all amendments to and restatements of the bylaws;
(d) all filed articles of merger and statements of conversion;
(e) all financial statements of the association for the six most recent years;
(f) the six most recent annual reports delivered by the association to the division;
(g) the minutes of members meetings for the six most recent years;
(h) evidence of all actions taken by members without a meeting for the six most recentyears;
(i) a list containing:
(i) the name, in alphabetical order, and last known street address and, if different, mailingaddress of each patron member and each investor member; and
(ii) if the association has districts or classes of members, information from which eachcurrent member in a district or class may be identified;
(j) the federal income tax returns, any state and local income tax returns, and any taxreports of the association for the six most recent years;
(k) accounting records maintained by the association in the ordinary course of itsoperations for the six most recent years;
(l) the minutes of directors meetings for the six most recent years;
(m) evidence of all actions taken by directors without a meeting for the six most recentyears;
(n) the amount of money contributed and agreed to be contributed by each member;
(o) a description and statement of the agreed value of contributions other than moneymade and agreed to be made by each member;
(p) the times at which, or events on the happening of which, any additional contributionis to be made by each member;
(q) for each member, a description and statement of the member's interest or informationfrom which the description and statement can be derived; and
(r) all communications concerning the association made in a record to all members, or toall members in a district or class, for the six most recent years.
(2) If a limited cooperative association has existed for less than the period for whichrecords are required to be maintained under Subsection (1), the period records shall be kept is theperiod of the association's existence.
(3) The organic rules may require that more information be maintained.
Amended by Chapter 378, 2010 General Session