16-16-1203 - Judicial dissolution. - Utah Statutes

16-16-1203. Judicial dissolution.
The district court may dissolve a limited cooperative association or order any action thatunder the circumstances is appropriate and equitable:
(1) in a proceeding initiated by the attorney general, if:
(a) the association obtained its articles of organization through fraud; or
(b) the association has continued to exceed or abuse the authority conferred upon it bylaw; or
(2) in a proceeding initiated by a member, if:
(a) the directors are deadlocked in the management of the association's affairs, themembers are unable to break the deadlock, and irreparable injury to the association is occurringor is threatened because of the deadlock;
(b) the directors or those in control of the association have acted, are acting, or will act ina manner that is illegal, oppressive, or fraudulent;
(c) the members are deadlocked in voting power and have failed to elect successors todirectors whose terms have expired for two consecutive periods during which annual membersmeetings were held or were to be held; or
(d) the assets of the association are being misapplied or wasted.

Enacted by Chapter 363, 2008 General Session