Unless the articles of organization otherwise provide, member approval under Section
16-16-1502 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 of the association in the usual and regular course of business; or |
Terms Used In Utah Code 16-16-1501
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
| (2) |
mortgage, pledge, dedicate to the repayment of indebtedness, or encumber in any way all or any part of the assets of the association whether or not in the usual and regular course of business. |
Enacted by Chapter 363, 2008 General Session
