55-458 - Organization of the association. - Virginia Statutes

§ 55-458. Organization of the association.

An association must be organized no later than the date the first cooperativeinterest in the cooperative is conveyed. The membership of the association atall times shall consist exclusively of all the proprietary lessees or,following termination of the cooperative, of all former proprietary lesseesentitled to distributions of proceeds under § 55-454 or their heirs,successors or assigns. The association shall be organized as a stock ornonstock corporation, trust, trustee, unincorporated association orpartnership.

(1982, c. 277.)