(1) |
Subject to Subsection (2), a disposition of assets under Section 16-16-1502 shall be approved by:
Terms Used In Utah Code 16-16-1504- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
(a) |
at least two-thirds of the voting power of members present at a members meeting called under Subsection 16-16-1503(2); and |
(b) |
if the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage vote by patron members. |
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(2) |
The organic rules may require that the percentage of votes under Subsection (1)(a) is:
(a) |
a different percentage that is not less than a majority of members voting at the meeting; |
(b) |
measured against the voting power of all members; or |
(c) |
a combination of Subsections (2)(a) and (b). |
|
(3) |
Subject to any contractual obligations, after a disposition of assets is approved and at any time before the consummation of the disposition, a limited cooperative association may approve an amendment to the contract for disposition or the resolution authorizing the disposition or approve abandonment of the disposition:
(a) |
as provided in the contract or the resolution; and |
(b) |
except as prohibited by the resolution, with the same affirmative vote of the board of directors and of the members as was required to approve the disposition. |
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(4) |
The voting requirements for districts, classes, or voting groups under Section 16-16-404 apply to approval of a disposition of assets under this part. |
Amended by Chapter 378, 2010 General Session