16-16-303 - Organization of limited cooperative association. - Utah Statutes

16-16-303. Organization of limited cooperative association.
(1) After a limited cooperative association is formed:
(a) if initial directors are named in the articles of organization, the initial directors shallhold an organizational meeting to adopt initial bylaws and carry on any other business necessaryor proper to complete the organization of the association; or
(b) if initial directors are not named in the articles of organization, the organizers shalldesignate the initial directors and call a meeting of the initial directors to adopt initial bylaws andcarry on any other business necessary or proper to complete the organization of the association.
(2) Unless the articles of organization otherwise provide, the initial directors may causethe limited cooperative association to accept members, including those necessary for theassociation to begin business.
(3) Initial directors need not be members.
(4) An initial director serves until a successor is elected and qualified at a membersmeeting or the director is removed, resigns, is adjudged incompetent, or dies.

Enacted by Chapter 363, 2008 General Session