16-16-1202 - Nonjudicial dissolution. - Utah Statutes

16-16-1202. Nonjudicial dissolution.
Except as otherwise provided in Sections 16-16-1203 and 16-16-1211, a limitedcooperative association is dissolved and its activities shall be wound up:
(1) upon the occurrence of an event or at a time specified in the articles of organization;
(2) upon the action of the association's organizers, board of directors, or members underSection 16-16-1204 or 16-16-1205; or
(3) 90 days after the dissociation of a member, which results in the association havingone patron member and no other members, unless the association:
(a) has a sole member that is a cooperative; or
(b) not later than the end of the 90-day period, admits at least one member in accordancewith the organic rules and has at least two members, at least one of which is a patron member.

Amended by Chapter 378, 2010 General Session