16-16-1501 - Disposition of assets not requiring member approval.
16-16-1501. Disposition of assets not requiring member approval.
Unless the articles of organization otherwise provide, member approval under Section16-16-1502 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 ofthe association in the usual and regular course of business; or
(2) mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any wayall or any part of the assets of the association whether or not in the usual and regular course ofbusiness.
Enacted by Chapter 363, 2008 General Session