| (1) |
A limited cooperative association is an entity distinct from its members. |
Terms Used In Utah Code 16-16-105
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (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
