§ 16-16-105. Purpose and duration of limited cooperative association.

Latest version.

(1) A limited cooperative association is an entity distinct from its members.

(2) A limited cooperative association may be organized for any lawful purpose, whether or 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's existence, the association has perpetual duration.

Enacted by Chapter 363, 2008 General Session

                    
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