Utah Code 16-16-1502. Member approval of other disposition of assets
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Terms Used In Utah Code 16-16-1502
- 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
A sale, lease, exchange, license, or other disposition of assets of a limited cooperative association, other than a disposition described in Section 16-16-1501, requires approval of the association’s members under Sections 16-16-1503 and 16-16-1504 if the disposition leaves the association without significant continuing business activity.
Enacted by Chapter 363, 2008 General Session