16-16-1002 - Contribution and valuation. - Utah Statutes

16-16-1002. Contribution and valuation.
(1) Unless the organic rules otherwise provide, the contributions of a member to alimited cooperative association may consist of tangible or intangible property or other benefit tothe association, including money, labor or other services performed or to be performed,promissory notes, other agreements to contribute money or property, and contracts to beperformed.
(2) The receipt and acceptance of contributions and the valuation of contributions shallbe reflected in a limited cooperative association's records.
(3) Unless the organic rules otherwise provide, the board of directors shall determine thevalue of a member's contributions received or to be received and the determination by the boardof directors of valuation is conclusive for purposes of determining whether the member'scontribution obligation has been met.

Amended by Chapter 378, 2010 General Session