reglab/housing_qa huggingface dataset:
UT Code § 16-16-1001 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1001 - Members' contributions.

16-16-1001. Members' contributions.  The organic rules shall establish the amount, manner, or method of determining any contribution requirements for members or shall authorize the board of directors to establish the amount, manner, or other method of determining any contribution requirements for members.  Amended by Chapter 378, 2010 General Session
UT Code § 16-16-1002 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1002 - Contribution and valuation.

16-16-1002. Contribution and valuation.    (1) Unless the organic rules otherwise provide, the contributions of a member to a limited cooperative association may consist of tangible or intangible property or other benefit to the association, including money, labor or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed.     (2) The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a limited cooperative association's records.     (3) Unless the organic rules otherwise provide, the board of directors shall determine the value of a member's contributions received or to be received and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member's contribution obligation has been met.    Amended by Chapter 378, 2010 General Session
UT Code § 16-16-1003 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1003 - Contribution agreements.

16-16-1003. Contribution agreements.    (1) Except as otherwise provided in the agreement, the following rules apply to an agreement made by a person before formation of a limited cooperative association to make a contribution to the association:   (a) The agreement is irrevocable for six months after the agreement is signed by the person unless all parties to the agreement consent to the revocation.     (b) If a person does not make a required contribution:   (i) the person is obligated, at the option of the association, once formed, to contribute money equal to the value of that part of the contribution that has not been made, and the obligation may be enforced as a debt to the association; or     (ii) the association, once formed, may rescind the agreement if the debt remains unpaid more than 20 days after the association demands payment from the person, and upon rescission the person has no further rights or obligations with respect to the association.         (2) Unless the organic rules or an agreement to make a contribution to a limited cooperative association otherwise provide, if a person does not make a required contribution to an association, the person or the person's estate is obligated, at the option of the association, to contribute money equal to the value of the part of the contribution which has not been made.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1004 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1004 - Allocations of profits and losses.

16-16-1004. Allocations of profits and losses.    (1) The organic rules may provide for allocating profits of a limited cooperative association among members, among persons that are not members but conduct business with the association, to an unallocated account, or to any combination thereof. Unless the organic rules otherwise provide, losses of the association shall be allocated in the same proportion as profits.     (2) Unless the organic rules otherwise provide, all profits and losses of a limited cooperative association shall be allocated to patron members.     (3) If a limited cooperative association has investor members, the organic rules may not reduce the allocation to patron members to less than 50% of profits. For purposes of this Subsection (3), the following rules apply:   (a) Amounts paid or due on contracts for the delivery to the association by patron members of products, goods, or services are not considered amounts allocated to patron members.     (b) Amounts paid, due, or allocated to investor members as a stated fixed return on equity are not considered amounts allocated to investor members.       (4) Unless prohibited by the organic rules, in determining the profits for allocation under Subsections (1), (2), and (3), the board of directors may first deduct and set aside a part of the profits to create or accumulate:   (a) an unallocated capital reserve; and     (b) reasonable unallocated reserves for specific purposes, including expansion and replacement of capital assets; education, training, cooperative development; creation and distribution of information concerning principles of cooperation; and community responsibility.       (5) Subject to Subsections (2) and (6) and the organic rules, the board of directors shall allocate the amount remaining after any deduction or setting aside of profits for unallocated reserves under Subsection (4):   (a) to patron members in the ratio of each member's patronage to the total patronage of all patron members during the period for which allocations are to be made; and     (b) to investor members, if any, in the ratio of each investor member's contributions to the total contributions of all investor members.       (6) For purposes of allocation of profits and losses or specific items of profits or losses of a limited cooperative association to members, the organic rules may establish allocation units or methods based on separate classes of members or, for patron members, on class, function, division, district, department, allocation units, pooling arrangements, members' contributions, or other equitable methods.    Amended by Chapter 378, 2010 General Session
UT Code § 16-16-1005 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1005 - Distributions.

16-16-1005. Distributions.    (1) Unless the organic rules otherwise provide and subject to Section 16-16-1007, the board of directors may authorize, and the limited cooperative association may make, distributions to members.     (2) Unless the organic rules otherwise provide, distributions to members may be made in any form, including money, capital credits, allocated patronage equities, revolving fund certificates, and the limited cooperative association's own or other securities.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1006 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1006 - Redemption or repurchase.

16-16-1006. Redemption or repurchase.  Property distributed to a member by a limited cooperative association, other than money, may be redeemed or repurchased as provided in the organic rules but a redemption or repurchase may not be made without authorization by the board of directors. The board may withhold authorization for any reason in its sole discretion. A redemption or repurchase is treated as a distribution for purposes of Section 16-16-1007.  Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1007 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1007 - Limitations on distributions.

16-16-1007. Limitations on distributions.    (1) A limited cooperative association may not make a distribution if, after the distribution:   (a) the association would not be able to pay its debts as they become due in the ordinary course of the association's activities; or     (b) the association's assets would be less than the sum of its total liabilities.       (2) A limited cooperative association may base a determination that a distribution is not prohibited under Subsection (1) on financial statements prepared on the basis of accounting practices and principles that are reasonable in the circumstances or on a fair valuation or other method that is reasonable in the circumstances.     (3) Except as otherwise provided in Subsection (4), the effect of a distribution allowed under Subsection (2) is measured:   (a) in the case of distribution by purchase, redemption, or other acquisition of financial rights in the limited cooperative association, as of the date money or other property is transferred or debt is incurred by the association; and     (b) in all other cases, as of the date:   (i) the distribution is authorized, if the payment occurs not later than 120 days after that date; or     (ii) the payment is made, if payment occurs more than 120 days after the distribution is authorized.         (4) If indebtedness is issued as a distribution, each payment of principal or interest on the indebtedness is treated as a distribution, the effect of which is measured on the date the payment is made.     (5) For purposes of this section, "distribution" does not include reasonable amounts paid to a member in the ordinary course of business as payment or compensation for commodities, goods, past or present services, or reasonable payments made in the ordinary course of business under a bona fide retirement or other benefits program.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1008 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1008 - Liability for improper distributions -- Limitation of action.

16-16-1008. Liability for improper distributions -- Limitation of action.    (1) A director who consents to a distribution that violates Section 16-16-1007 is personally liable to the limited cooperative association for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the director failed to comply with Section 16-16-818 or 16-16-819.     (2) A member or transferee of financial rights which received a distribution knowing that the distribution was made in violation of Section 16-16-1007 is personally liable to the limited cooperative association to the extent the distribution exceeded the amount that could have been properly paid.     (3) A director against whom an action is commenced under Subsection (1) may:   (a) implead in the action any other director who is liable under Subsection (1) and compel contribution from the person; and     (b) implead in the action any person that is liable under Subsection (2) and compel contribution from the person in the amount the person received as described in Subsection (2).       (4) An action under this section is barred if it is commenced later than two years after the distribution.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1009 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 10 - Contributions, Allocations, and Distributions|Section 1009 - Alternative distribution of unclaimed property, distributions, redemptions, or payments.

16-16-1009. Alternative distribution of unclaimed property, distributions, redemptions, or payments.  A limited cooperative association may distribute unclaimed property, distributions, redemptions, or payments by complying with Section 3-1-11.  Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1102 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 11 - Dissociation|Section 1102 - Effect of dissociation as member.

16-16-1102. Effect of dissociation as member.    (1) Upon a member's dissociation:   (a) subject to Section 16-16-1103, the person has no further rights as a member; and     (b) subject to Section 16-16-1103 and Part 16, Conversion and Merger, any financial rights owned by the person in the person's capacity as a member immediately before dissociation are owned by the person as a transferee.       (2) A person's dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the limited cooperative association which the person incurred under the organic rules, by contract, or by other means while a member.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1103 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 11 - Dissociation|Section 1103 - Power of estate of member.

16-16-1103. Power of estate of member.  Unless the organic rules provide for greater rights, if a member is dissociated because of death, dies, or is expelled by reason of being adjudged incompetent, the member's personal representative or other legal representative may exercise the rights of a transferee of the member's financial rights and, for purposes of settling the estate of a deceased member, may exercise the informational rights of a current member to obtain information under Section 16-16-505.  Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1201 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1201 - Dissolution and winding up.

16-16-1201. Dissolution and winding up.  A limited cooperative association is dissolved only as provided in this part and upon dissolution winds up in accordance with this part.  Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1202 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1202 - Nonjudicial dissolution.

16-16-1202. Nonjudicial dissolution.  Except as otherwise provided in Sections 16-16-1203 and 16-16-1211, a limited cooperative 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 under Section 16-16-1204 or 16-16-1205; or     (3) 90 days after the dissociation of a member, which results in the association having one 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 accordance with 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
UT Code § 16-16-1203 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1203 - Judicial dissolution.

16-16-1203. Judicial dissolution.  The district court may dissolve a limited cooperative association or order any action that under 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 by law; or       (2) in a proceeding initiated by a member, if:   (a) the directors are deadlocked in the management of the association's affairs, the members are unable to break the deadlock, and irreparable injury to the association is occurring or is threatened because of the deadlock;     (b) the directors or those in control of the association have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent;     (c) the members are deadlocked in voting power and have failed to elect successors to directors whose terms have expired for two consecutive periods during which annual members meetings 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
UT Code § 16-16-1204 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1204 - Voluntary dissolution before commencement of activity.

16-16-1204. Voluntary dissolution before commencement of activity.  A majority of the organizers or initial directors of a limited cooperative association that has not yet begun business activity or the conduct of its affairs may dissolve the association.  Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1205 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1205 - Voluntary dissolution by the board and members.

16-16-1205. Voluntary dissolution by the board and members.    (1) Except as otherwise provided in Section 16-16-1204, for a limited cooperative association to voluntarily dissolve:   (a) a resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules;     (b) the board of directors shall call a members meeting to consider the resolution, to be held not later than 90 days after adoption of the resolution; and     (c) the board of directors shall mail or otherwise transmit or deliver to each member in a record that complies with Section 16-16-508:   (i) the resolution required by Subsection (1)(a);     (ii) a recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis of that determination; and     (iii) notice of the members meeting, which shall be given in the same manner as notice of a special meeting of members.         (2) Subject to Subsection (3), a resolution to dissolve shall be approved by:   (a) at least two-thirds of the voting power of members present at a members meeting called under Subsection (1)(b); and     (b) if the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage.       (3) The organic rules may require that the percentage of votes under Subsection (2)(a) is:   (a) a different percentage that is not less than a majority of members voting at the meeting;     (b) measured against the voting power of all members; or     (c) a combination of Subsections (3)(a) and (b).      Amended by Chapter 378, 2010 General Session
UT Code § 16-16-1206 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1206 - Winding up.

16-16-1206. Winding up.    (1) A limited cooperative association continues after dissolution only for purposes of winding up its activities.     (2) In winding up a limited cooperative association's activities, the board of directors shall cause the association to:   (a) discharge its liabilities, settle and close its activities, and marshal and distribute its assets;     (b) preserve the association or its property as a going concern for no more than a reasonable time;     (c) prosecute and defend actions and proceedings;     (d) transfer association property; and     (e) perform other necessary acts.       (3) After dissolution and upon application of a limited cooperative association, a member, or a holder of financial rights, the district court may order judicial supervision of the winding up of the association, including the appointment of a person to wind up the association's activities, if:   (a) after a reasonable time, the association has not wound up its activities; or     (b) the applicant establishes other good cause.       (4) If a person is appointed pursuant to Subsection (3) to wind up the activities of a limited cooperative association, the association shall promptly deliver to the division for filing an amendment to the articles of organization to reflect the appointment.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1207 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1207 - Distribution of assets in winding up limited cooperative association.

16-16-1207. Distribution of assets in winding up limited cooperative association.    (1) In winding up a limited cooperative association's business, the association shall apply its assets to discharge its obligations to creditors, including members that are creditors. The association shall apply any remaining assets to pay in money the net amount distributable to members in accordance with their right to distributions under Subsection (2).     (2) Unless the organic rules otherwise provide, in this Subsection (2) "financial interests" means the amounts recorded in the names of members in the records of a limited cooperative association at the time a distribution is made, including amounts paid to become a member, amounts allocated but not distributed to members, and amounts of distributions authorized but not yet paid to members. Unless the organic rules otherwise provide, each member is entitled to a distribution from the association of any remaining assets in the proportion of the member's financial interests to the total financial interests of the members after all other obligations are satisfied.    Enacted by Chapter 363, 2008 General Session
UT Code § 16-16-1208 (2021)
2021 Utah Code|Title 16 - Corporations|Chapter 16 - Uniform Limited Cooperative Association Act|Part 12 - Dissolution|Section 1208 - Known claims against dissolved limited cooperative association.

16-16-1208. Known claims against dissolved limited cooperative association.    (1) Subject to Subsection (4), a dissolved limited cooperative association may dispose of the known claims against it by following the procedure in Subsections (2) and (3).     (2) A dissolved limited cooperative association may notify its known claimants of the dissolution in a record. The notice shall:   (a) specify that a claim be in a record;     (b) specify the information required to be included in the claim;     (c) provide an address to which the claim shall be sent;     (d) state the deadline for receipt of the claim, which may not be less than 120 days after the date the notice is received by the claimant; and     (e) state that the claim will be barred if not received by the deadline.       (3) A claim against a dissolved limited cooperative association is barred if the requirements of Subsection (2) are met, and:   (a) the association is not notified of the claimant's claim, in a record, by the deadline specified in the notice under Subsection (2)(d);     (b) in the case of a claim that is timely received but rejected by the association, the claimant does not commence an action to enforce the claim against the association not later than 90 days after receipt of the notice of the rejection; or     (c) if a claim is timely received but is neither accepted nor rejected by the association not later than 120 days after the deadline for receipt of claims, the claimant does not commence an action to enforce the claim against the association:   (i) after the 120-day period; and     (ii) not later than 90 days after the 120-day period.         (4) This section does not apply to a claim based on an event occurring after the date of dissolution or a liability that is contingent on that date.    Amended by Chapter 378, 2010 General Session