reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 1 - VOLUNTARY DISSOLUTION (§§ 7-56-701 — 7-56-709) › Section 7-56-709 - [Repealed]

L. 96: Entire article R&RE, p. 528, § 1, effective July 1. L. 2003: (4) added by revision, pp. 2356, 2357, §§ 347, 348.
(1) This section was similar to former § 7-55-114 as it existed prior to 1996.
(2) Subsection (4) provided for the repeal of this section, effective July 1, 2004. (See L. 2003, pp. 2356, 2357.)
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 2 - ADMINISTRATIVE DISSOLUTION (§§ 7-56-710 — 7-56-713) › Section 7-56-710 - [Repealed]

L. 96: Entire article R&RE, p. 529, § 1, effective July 1. L. 2000: (1)(b) amended, p. 951, § 13, effective July 1. L. 2003: (1)(b), (1)(c), and (1)(d) amended, p. 2233, § 104, effective 7/1/2004. L. 2004: (1)(b) amended, p. 1419, § 61, effective July 1. L. 2005: Entire section repealed, p. 1218, § 26, effective October 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 2 - ADMINISTRATIVE DISSOLUTION (§§ 7-56-710 — 7-56-713) › Section 7-56-711 - [Repealed]

L. 96: Entire article R&RE, p. 529, § 1, effective July 1. L. 2003: (2) to (5) amended, p. 2233, § 105, effective 7/1/2004. L. 2005: Entire section repealed, p. 1218, § 26, effective October 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 2 - ADMINISTRATIVE DISSOLUTION (§§ 7-56-710 — 7-56-713) › Section 7-56-712 - [Repealed]

L. 96: Entire article R&RE, p. 530, § 1, effective July 1. L. 2000: (1)(c) amended, p. 951, § 14, effective July 1. L. 2002: IP(1), (2), and (3) amended, p. 1819, § 31, effective July 1; IP(1), (2), and (3) amended, p. 1684, § 29, effective October 1. L. 2004: Entire section repealed, p. 1419, § 62, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 2 - ADMINISTRATIVE DISSOLUTION (§§ 7-56-710 — 7-56-713) › Section 7-56-713 - [Repealed]

L. 96: Entire article R&RE, p. 531, § 1, effective July 1. L. 2004: Entire section repealed, p. 1420, § 63, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 3 - JUDICIAL DISSOLUTION (§§ 7-56-714 — 7-56-717) › Section 7-56-714 - Grounds for judicial dissolution

(1)
A cooperative may be dissolved in a proceeding brought in court by the attorney general if it is established that:
(a)
The cooperative obtained its organization through fraud; or
(b)
The cooperative has exceeded or abused the authority conferred upon it by law.
(2)
A cooperative may be dissolved in a proceeding brought in court by not less than ten percent of the total number of members if it is established that:
(a)
The directors are deadlocked in the management of the cooperative's affairs, the members are unable to break the deadlock, and irreparable injury to the cooperative is threatened or suffered, or the business and affairs of the cooperative can no longer be conducted to the advantage of the members generally;
(b)
The directors or those in control of the cooperative have acted, are acting, or will act in a manner that is illegal, oppressive, or fraudulent; or
(c)
The members are deadlocked in voting power and have failed for a period that includes at least two consecutive annual meeting dates, to elect successors to directors whose terms have expired or would have expired upon the election of their successors.
(3)
A cooperative may be dissolved in a proceeding brought in court by a creditor if it is established that:
(a)
A creditor's claim has been reduced to judgment, the execution on the judgment has been returned unsatisfied, and the cooperative is insolvent; or
(b)
The cooperative is insolvent and the cooperative has admitted in writing that a creditor's claim is due and owing.
(4)
(a)
If a cooperative has been dissolved by voluntary action taken under sections
7-56-701
to
7-56-705
:
(I)
The cooperative may bring a proceeding in court to wind up and liquidate its business and affairs under judicial supervision in accordance with section
7-56-716
; or
(II)
The attorney general, a member, or a creditor, as the case may be, may bring a proceeding in court to wind up and liquidate the business and affairs of the cooperative under judicial supervision in accordance with section
7-56-716
, upon establishing the grounds set forth for such person, respectively, in subsections (1) to (3) of this section.
(b)
As used in sections
7-56-715
to
7-56-717
, a "proceeding to dissolve the cooperative" includes a proceeding brought under this subsection (4), and a "decree of dissolution" includes an order of court entered in a proceeding under this subsection (4) that directs that the business and affairs of a cooperative be wound up and liquidated under judicial supervision.
L. 96: Entire article R&RE, p. 531, § 1, effective July 1. L. 2003: IP(4)(a) amended, p. 2234, § 106, effective 7/1/2004. L. 2004: (4)(b) amended, p. 1420, § 64, effective July 1. L. 2005: IP(4)(a) amended, p. 1218, § 27, effective October 1. L. 2006: IP(4)(a) amended, p. 849, § 6, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 3 - JUDICIAL DISSOLUTION (§§ 7-56-714 — 7-56-717) › Section 7-56-715 - Procedure for judicial dissolution

(1)
A proceeding to dissolve a cooperative brought by the attorney general shall be brought in the district court for the county in this state in which the street address of the cooperative's principal office is located or, if the cooperative has no principal office in this state, in the district court for the county in which the street address of its registered agent is located or, if the cooperative has no registered agent, in the district court for the city and county of Denver. A proceeding brought by any other party named in section
7-56-714
shall be brought in the district court for the county in this state in which the street address of the cooperative's principal office is located or, if the cooperative has no principal office in this state, in the district court for the county in which the street address of its registered agent is located or, if the cooperative has no registered agent, in the district court for the city and county of Denver.
(2)
A court in a proceeding brought to dissolve a cooperative may issue injunctions, appoint a receiver or custodian pendente lite with all powers and duties the court directs, take other action required to preserve the cooperative's assets, wherever located, and carry on the business of the cooperative until a full hearing can be held.
L. 96: Entire article R&RE, p. 532, § 1, effective July 1. L. 2003: (1) amended, p. 2234, § 107, effective 7/1/2004. L. 2004: (1) amended, p. 1421, § 65, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 3 - JUDICIAL DISSOLUTION (§§ 7-56-714 — 7-56-717) › Section 7-56-716 - Receivership or custodianship

(1)
A court in a proceeding to dissolve a cooperative may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage the business and affairs, of the cooperative. The court shall hold a hearing, after giving notice to all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian pursuant to this section. The court appointing a receiver or custodian has exclusive jurisdiction over the cooperative and all of its property, wherever located.
(2)
The court may appoint an individual, a domestic entity, or a foreign entity or other entity authorized to transact business or conduct activities in this state as a receiver or custodian. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.
(3)
The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from time to time. Among other powers:
(a)
The receiver may:
(I)
Dispose of all or any part of the property of the cooperative, wherever located, at a public or private sale, if authorized by the court; and
(II)
Sue and defend in the receiver's own name as receiver of the cooperative in all courts; or
(b)
The custodian may exercise all of the powers of the cooperative, through or in place of its board or officers, to the extent necessary to manage the affairs of the cooperative in the best interests of its members and creditors.
(4)
The court, during a receivership, may redesignate the receiver as custodian, and during a custodianship may redesignate the custodian as receiver if doing so is in the best interests of the cooperative and its members and creditors.
(5)
The court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and such person's counsel from the assets of the cooperative or proceeds from the sale of the assets.
L. 96: Entire article R&RE, p. 533, § 1, effective July 1. L. 2003: (1) and (2) amended, p. 2235, § 108, effective 7/1/2004. L. 2004: (1) amended, p. 1421, § 66, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 3 - JUDICIAL DISSOLUTION (§§ 7-56-714 — 7-56-717) › Section 7-56-717 - Decree of dissolution

(1)
If after a hearing the court determines that one or more grounds for judicial dissolution described in section
7-56-714
exist, it may enter a decree dissolving the cooperative and stating the effective date of the dissolution, and the clerk of the court shall deliver a certified copy of the decree to the secretary of state, who shall file it pursuant to part 3 of article
90
of this title.
(2)
After entering the decree of dissolution, the court shall direct the winding up and liquidation of the cooperative's business and activities in accordance with section
7-56-705
or
7-56-716
and the giving of notice to the cooperative's registered agent, or to the secretary of state if it has no registered agent, and to claimants in accordance with sections
7-90-911
and
7-90-912
.
(3)
The assets of the dissolved cooperative, after payment of administrative expenses, shall be distributed in accordance with the provisions of section
7-56-705
.
(4)
The court's order or decision may be appealed as in other civil proceedings.
L. 96: Entire article R&RE, p. 533, § 1, effective July 1. L. 2002: (1) amended, p. 1820, § 32, effective July 1; (1) amended, p. 1684, § 30, effective October 1. L. 2003: (1) and (2) amended, p. 2235, § 109, effective 7/1/2004. L. 2006: (2) amended, p. 849, § 7, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 7 - DISSOLUTION (§§ 7-56-701 — 7-56-718) › Subpart 4 - MISCELLANEOUS (§ 7-56-718) › Section 7-56-718 - Certain assignments of assets in dissolution

In the winding up of the affairs of a cooperative when certain assets are not liquid and secured creditors having claim on these assets have been satisfied, the trustees in liquidation or other persons charged with winding up the cooperative's affairs are authorized to make assignment of such assets to the unsecured creditors in settlement of their claims. If assignment is refused in writing, and in the judgment of the trustees there is no liquidity or market value and the costs involved in delaying the winding up of the affairs of the cooperative exceed the potential benefits, the trustees are authorized to assign the assets or future proceeds to any local or statewide nonprofit organization that has as one of its principal purposes education or community service. The trustees shall under no circumstances be liable to any member or equity holder in the cooperative for any claim on any assets assigned by the trustees pursuant to the authority of this section.
L. 96: Entire article R&RE, p. 534, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 8 - FOREIGN COOPERATIVES (§§ 7-56-801 — 7-56-802) › Section 7-56-801 - Authority to transact business or conduct activities required

Part 8 of article
90
of this title, providing for the transaction of business or the conduct of activities by foreign entities, applies to foreign cooperatives.
L. 2003: Entire part R&RE, p. 2235, § 110, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 8 - FOREIGN COOPERATIVES (§§ 7-56-801 — 7-56-802) › Section 7-56-802 - Registered agent - service of process

Part 7 of article
90
of this title, providing for registered agents and service of process, applies to foreign cooperatives.
L. 2003: Entire part R&RE, p. 2236, § 110, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 56 - COOPERATIVES (§§ 7-56-101 — 7-56-901) › Part 9 - TRANSITION PROVISIONS (§ 7-56-901) › Section 7-56-901 - Application to existing cooperatives

(1)
A domestic corporation, association, or cooperative formed under this article before July 1, 1996, shall be governed by the provisions of this article.
(2)
A cooperative formed under article
57
of this title before July 1, 1996, until it elects to be governed by the provisions of this article pursuant to section
7-56-205
, shall be deemed to have been formed under, and shall be governed by, the provisions of article
55
of this title as in effect immediately prior to July 1, 1996.
L. 96: Entire article R&RE, p. 542, § 1, effective July 1. L. 2003: (2) amended, p. 2236, § 111, effective 7/1/2004.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 57 - [Repealed] AGRICULTURAL AND LIVESTOCK ASSOCIATIONS (§ 7-57-101) › Section 7-57-101 - to 7-57-106 - [Repealed]

L. 96: Entire article repealed, p. 543, § 2, effective July 1.
(1) This article was numbered as article 4 of chapter 30, C.R.S. 1963.
(2) Section
7-56-901(2)
of the "Colorado Cooperative Act" provides that cooperatives organized under this article prior to its repeal on July 1, 1996, shall be deemed to be organized under article
55
of this title until the cooperative elects to be governed by the "Colorado Cooperative Act", article
56
of this title.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-101 - Short title

This article shall be known and may be cited as the "Colorado Uniform Limited Cooperative Association Act".
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 761, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-103 - Reservation of power to amend or repeal

The general assembly has the power to amend or repeal all or part of this article at any time, and all domestic and foreign limited cooperative associations subject to this article shall be governed by the amendment or repeal.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 764, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-104 - Nature of limited cooperative association

(1)
A limited cooperative association organized under this article is an autonomous, unincorporated association of persons united to meet their mutual interests through a jointly owned enterprise primarily controlled by those persons, the patronage of which is carried on for the mutual benefit of the patron members and that permits combining:
(a)
Ownership, financing, and receipt of benefits by the patron members for whose patronage the association is formed; and
(b)
Separate investments in the association by investor members who invest in the limited cooperative association and may receive returns on their investments and a share of control.
(2)
The fact that a limited cooperative association does not have more than one of the characteristics described in paragraph (a) of subsection (1) of this section or any of the characteristics described in paragraph (b) of subsection (1) of this section does not alone prevent the association from being formed under and governed by this article, nor does it alone provide a basis for an action against the association or a member.
(3)
The relations between a limited cooperative association and its members are consensual and contractual. Unless required, limited, or prohibited by this article or other applicable law, the articles and bylaws of an association may provide for any matter concerning the relations among the members of the association and between the members and the association, the activities of the association, and the conduct of its activities.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 764, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-107 - Governing law

(1)
The law of this state governs:
(a)
The internal affairs of a limited cooperative association; and
(b)
The liability of a member as member and a director as director for the debts, obligations, or other liabilities of a limited cooperative association.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 766, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-108 - Supplemental principles of law

Unless displaced by particular provisions of this article, the principles of law and equity supplement this article.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 766, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-109 - Requirements of other laws

(1)
This article does not alter or amend any law that governs the licensing and regulation of an individual or entity in carrying on a specific business or profession even if that law permits the business or profession to be conducted by a limited cooperative association, a foreign cooperative, or its members.
(2)
A limited cooperative association shall not conduct an activity that, under the law of this state other than this article, may be conducted only by an entity that meets specific requirements for the internal affairs of that entity unless the articles or bylaws of the association conform to those requirements.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 766, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-110 - Relation to restraint of trade and antitrust law

No limited cooperative association formed under or subject to this article shall, solely by its organization and existence, be deemed to be a conspiracy or a combination in restraint of trade, an illegal monopoly, or an attempt to lessen competition or to fix prices arbitrarily, nor shall the marketing or purchasing contracts and agreements authorized in this article be considered illegal as such, in unlawful restraint of trade, or as part of a conspiracy or combination to accomplish an improper or illegal purpose.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 766, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-111 - Name

(1)
Use of the term "cooperative" or its abbreviation under this article or section
7-90-601
is not a violation of the provisions restricting the use of the term under section
7-90-601 (7)(a)
.
(2)
A limited cooperative association or a member may enforce the restrictions on the use of the term "cooperative" under section
7-90-601 (7)
.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 767, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-112 - Required information

(1)
Subject to subsection (2) of this section, a limited cooperative association shall maintain in a record available at its principal office:
(a)
A list containing the name, last-known street address and, if different, mailing address, and term of office of each director and officer;
(b)
The initial articles and all amendments to and restatements of the articles;
(c)
The initial bylaws and all amendments to and restatements of the bylaws;
(d)
All filed statements of merger and statements of conversion;
(e)
All annual financial statements of the association for the three most recent fiscal years;
(f)
The minutes of members meetings and records of all action taken by members without a meeting for the three most recent years;
(g)
A list containing:
(I)
The name, in alphabetical order, and last-known street address and, if different, mailing address of each patron member and each investor member; and
(II)
If the association has districts or classes of members, information from which each member in a district or class may be identified;
(h)
The federal income tax returns and any state and local income tax returns of the association for the three most recent years;
(i)
Accounting records maintained by the association in the ordinary course of its operations for the three most recent years;
(j)
The minutes of all directors meetings and records of all action taken by directors without a meeting for the three most recent years;
(k)
The amount of money contributed and agreed to be contributed by each member;
(l)
A description and statement of the agreed value of contributions other than money made and agreed to be made by each member;
(m)
The times at which, or events on the happening of which, any additional contribution is to be made by each member;
(n)
For each member, a description and statement of the member's interest or information from which the description and statement can be derived; and
(o)
All communications concerning the association made in a record to all members, or to all members in a district or class, for the three most recent years.
(2)
If a limited cooperative association has existed for less than the period for which records must be maintained under subsection (1) of this section, the period for which records must be kept is the period of the association's existence.
(3)
The articles or bylaws may require that more information be maintained.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 767, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-113 - Business transactions of member with limited cooperative association

Subject to sections
7-58-818
and
7-58-819
and except as otherwise provided in the articles or bylaws or a specific contract relating to a transaction, a member may lend money to and transact other business with a limited cooperative association in the same manner as a person that is not a member.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 768, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 1 - GENERAL PROVISIONS (§§ 7-58-101 — 7-58-114) › Section 7-58-114 - Dual capacity

A person may have a patron member's interest and an investor member's interest. When such person acts as a patron member, the person is subject to this article and the articles and bylaws governing patron members. When such person acts as an investor member, the person is subject to this article and the articles and bylaws governing investor members.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 768, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 2 - REGISTERED AGENTS, FILING, ANNUAL REPORTS, AND STATEMENT OF FOREIGN ENTITY AUTHORITY (§§ 7-58-201 — 7-58-202) › Section 7-58-201 - Limited cooperative associations - registered agents - service of process - annual reports

(1)
Part 7 of article
90
of this title, providing for registered agents and service of process, applies to limited cooperative associations formed under this article.
(2)
Part 5 of article
90
of this title, providing for periodic reports, applies to limited cooperative associations formed under this article.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 768, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 2 - REGISTERED AGENTS, FILING, ANNUAL REPORTS, AND STATEMENT OF FOREIGN ENTITY AUTHORITY (§§ 7-58-201 — 7-58-202) › Section 7-58-202 - Foreign entity authority

Part 8 of article
90
of this title, providing for the transaction of business or the conduct of activities by foreign entities, applies to foreign limited cooperative associations formed under substantially similar laws of another jurisdiction.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 769, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 3 - FORMATION AND INITIAL ARTICLES OF LIMITED COOPERATIVE ASSOCIATION - BYLAWS (§§ 7-58-301 — 7-58-306) › Section 7-58-301 - Organizers

A limited cooperative association must be organized by one or more organizers.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 769, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 3 - FORMATION AND INITIAL ARTICLES OF LIMITED COOPERATIVE ASSOCIATION - BYLAWS (§§ 7-58-301 — 7-58-306) › Section 7-58-302 - Formation of limited cooperative association

(1)
To form a limited cooperative association, one or more organizers of the association shall deliver or cause to be delivered articles to the secretary of state for filing.
(2)
A limited cooperative association is formed after articles that substantially comply with section
7-58-303 (1)
become effective under section
7-90-304
.
(3)
If articles filed by the secretary of state state a delayed effective date, a limited cooperative association is not formed if, before the articles take effect, a statement of correction is filed pursuant to section
7-90-304 (3)
that revokes the articles.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 769, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 3 - FORMATION AND INITIAL ARTICLES OF LIMITED COOPERATIVE ASSOCIATION - BYLAWS (§§ 7-58-301 — 7-58-306) › Section 7-58-303 - Articles

(1)
The articles shall state:
(a)
The domestic entity name of the limited cooperative association;
(b)
The purposes for which the limited cooperative association is formed, which may be for any lawful purpose;
(c)
The registered agent name and registered agent address of the association's initial registered agent;
(d)
The street address and, if different, mailing address of the association's initial principal office; and
(e)
The true name and street address and, if different, mailing address of each organizer.
(2)
The articles may contain any other provisions in addition to those required by subsection (1) of this section, including any matters referred to in subsection (3) of this section, section
7-58-305 (1)
, or section
7-58-305 (3)
.
(3)
The matters referred to in this subsection (3) may be varied only in the articles. The articles may:
(a)
State a term of duration, less than perpetual, of the limited cooperative association under section
7-58-106 (1)
;
(b)
Limit or eliminate the acceptance of new or additional members by the initial board of directors under section
7-58-304 (2)
;
(c)
Vary the percentage of votes required for members to approve an amendment to the articles under section
7-58-405
;
(d)
Vary the limitations on the obligations and liability of members for association obligations under section
7-58-504
;
(e)
Require a notice of an annual members meeting to state a purpose of the meeting under section
7-58-508 (2)
;
(f)
Provide for less than unanimous consent to action by members without a members meeting under section
7-58-516 (1)(a)
;
(g)
Vary the matters the board of directors may consider in making a decision under section
7-58-820
;
(h)
Specify causes of dissolution under section
7-58-1202 (1)
;
(i)
Delegate amendment of the bylaws to the board of directors pursuant to section
7-58-405 (6)
;
(j)
Provide for member approval of asset dispositions under section
7-58-1501
;
(k)
Subject to section
7-58-820
, provide for the elimination or limitation of liability of a director to the association or its members for money damages pursuant to section
7-58-818
; and
(l)
Provide for permitting or requiring indemnification under section
7-58-901 (1)
.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 769, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 3 - FORMATION AND INITIAL ARTICLES OF LIMITED COOPERATIVE ASSOCIATION - BYLAWS (§§ 7-58-301 — 7-58-306) › Section 7-58-304 - Organization of limited cooperative association

(1)
After a limited cooperative association is formed:
(a)
If initial directors are named in the articles, the initial directors shall hold an organizational meeting to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association; or
(b)
If initial directors are not named in the articles, the organizers shall designate the initial directors and call a meeting of the initial directors to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association.
(2)
Unless the articles otherwise provide, the initial directors may cause the limited cooperative association to accept members, including those necessary for the association to begin business.
(3)
Initial directors need not be members.
(4)
An initial director serves until a successor is elected and qualified at a members meeting or the director is removed, resigns, is adjudged incompetent, or dies.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 770, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 3 - FORMATION AND INITIAL ARTICLES OF LIMITED COOPERATIVE ASSOCIATION - BYLAWS (§§ 7-58-301 — 7-58-306) › Section 7-58-306 - Required provision for members' contributions

The articles or the bylaws shall address members' contributions pursuant to section
7-58-1001
.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 774, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-401 - Authority to amend articles and bylaws

(1)
A limited cooperative association may amend its articles and bylaws under this part 4 for any lawful purpose. In addition, the initial board of directors may amend the bylaws of an association under section
7-58-304
.
(2)
Unless the articles or bylaws otherwise provide, a member does not have a vested property right resulting from any provision in the articles or bylaws, including a provision relating to the management, control, capital structure, distribution, entitlement, purpose, or duration of the limited cooperative association.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 774, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-402 - Notice and action on amendment of articles and bylaws

(1)
Except as provided in this subsection (1) and section
7-58-405 (6)
, the articles and bylaws of a limited cooperative association may be amended only at a members meeting. An amendment requiring membership approval may be proposed by either:
(a)
A majority of the board of directors, or a greater percentage if required by the articles or bylaws; or
(b)
One or more petitions signed by at least ten percent of the patron members or at least ten percent of the investor members.
(2)
The board of directors shall call a members meeting to consider an amendment proposed pursuant to subsection (1) of this section. The meeting shall be held not later than ninety days following the proposal of the amendment by the board or receipt of a petition or petitions satisfying the requirements of this section. The board shall mail or otherwise transmit or deliver in a record to each member:
(a)
The proposed amendment, or a summary of the proposed amendment and a statement of the manner in which a copy of the amendment in a record may be reasonably obtained by a member;
(b)
A recommendation that the members approve the amendment, or, if the board determines that because of conflict of interest or any other reason it should not make a favorable recommendation, the basis for that determination;
(c)
A statement of any condition of the board's submission of the amendment to the members; and
(d)
Notice of the meeting at which the proposed amendment will be considered, which shall be given in the same manner as notice for a special meeting of members.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 774, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-403 - Method of voting on amendment of articles and bylaws

(1)
A substantive change to a proposed amendment of the articles or bylaws may not be made at the members meeting at which a vote on the amendment occurs.
(2)
A nonsubstantive change to a proposed amendment of the articles or bylaws may be made at the members meeting at which the vote on the amendment occurs and need not be separately voted upon by the board of directors.
(3)
A vote to adopt a nonsubstantive change to a proposed amendment to the articles or bylaws shall be by the same percentage of votes required to pass a proposed amendment.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 775, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-404 - Voting by district, class, or voting group

(1)
This section applies if the articles or bylaws provide for voting by district or class, or if there is one or more identifiable voting groups that a proposed amendment to the articles or bylaws would affect differently from other members with respect to matters identified in section
7-58-405 (1)
. Approval of the amendment requires the same percentage of votes of the members of that district, class, or voting group required in sections
7-58-405
and
7-58-514
.
(2)
If a proposed amendment to the articles or bylaws would affect members in two or more districts or classes entitled to vote separately under subsection (1) of this section in the same or a substantially similar way, the districts or classes affected shall vote as a single voting group unless the articles or bylaws otherwise provide for separate voting.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 775, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-406 - Restated articles

(1)
The board of directors may restate the articles at any time with or without action by the members. If the limited cooperative association does not have both members and directors, its organizers may restate the articles at any time.
(2)
The restatement may include one or more amendments to the articles. If the restatement includes an amendment requiring approval of the members, it must be approved in the same manner as an amendment to the articles under section
7-58-405 (1)
.
(3)
If the board of directors submits a restatement for action by the members, the board shall call a meeting of members and mail or otherwise transmit or deliver in a record the information and give notice of the meeting in accordance with section
7-58-402 (2)
to each member entitled to vote on the restatement. The copy of the restatement provided to members must identify any amendment or other change the restatement would make in the articles.
(4)
A limited cooperative association restating its articles shall deliver to the secretary of state, for filing pursuant to part 3 of article
90
of this title, articles of restatement stating:
(a)
The domestic entity name of the association;
(b)
The text of the restated articles; and
(c)
If the restatement was adopted by the board of directors or organizers without member action, a statement to that effect and that member action was not required.
(5)
Upon filing by the secretary of state or at any later effective date determined pursuant to section
7-90-304
, restated articles supersede the original articles and all prior amendments to them.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 777, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 4 - AMENDMENT OF ARTICLES AND BYLAWS OF LIMITED COOPERATIVE ASSOCIATIONS (§§ 7-58-401 — 7-58-407) › Section 7-58-407 - Amendment of articles - filing

(1)
A limited cooperative association amending its articles shall deliver to the secretary of state, for filing pursuant to part 3 of article
90
of this title, articles of amendment stating:
(a)
The domestic name of the association; and
(b)
The text of each amendment adopted.
(2)
Before the beginning of the initial meeting of the board of directors, an organizer who knows that information in the filed articles was inaccurate when the articles were filed or has become inaccurate due to changed circumstances shall promptly:
(a)
Cause the articles to be amended; and
(b)
If appropriate, deliver a statement of:
(I)
Change to the secretary of state for filing pursuant to section
7-90-305.5
; or
(II)
Correction to the secretary of state for filing pursuant to section
7-90-305
.
(3)
Upon filing, an amendment of the articles that has been properly adopted by the members is effective as provided in section
7-90-304
.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 778, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 5 - MEMBERS (§§ 7-58-501 — 7-58-517) › Section 7-58-501 - Members

To begin business, a limited cooperative association must have at least two patron members unless the sole member is a cooperative.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 778, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 5 - MEMBERS (§§ 7-58-501 — 7-58-517) › Section 7-58-502 - Becoming a member

(1)
A person becomes a member:
(a)
As provided in the articles or bylaws;
(b)
As the result of a merger or conversion under part 16 of this article; or
(c)
With the consent of all the members.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 778, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 5 - MEMBERS (§§ 7-58-501 — 7-58-517) › Section 7-58-503 - No power as member to bind association

A member, solely by reason of being a member, may not act for or bind the limited cooperative association.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 779, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 5 - MEMBERS (§§ 7-58-501 — 7-58-517) › Section 7-58-504 - No liability as member for association's obligations

Unless the articles otherwise provide, a debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 779, § 1, effective 4/2/2012.
2023 Colorado Revised Statutes › Title 7 - CORPORATIONS AND ASSOCIATIONS (§§ 7-1-101 — 7-137-301) › ASSOCIATIONS (§§ 7-55-101 — 7-58-1704) › Article 58 - UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT (§§ 7-58-101 — 7-58-1704) › Part 5 - MEMBERS (§§ 7-58-501 — 7-58-517) › Section 7-58-506 - Annual meeting of members

(1)
Members shall meet annually at a time provided in the articles or bylaws or set by the board of directors not inconsistent with the articles and bylaws.
(2)
An annual members meeting may be held inside or outside this state at the place stated in the articles or bylaws or selected by the board of directors not inconsistent with the articles and bylaws.
(3)
Unless the articles or bylaws otherwise provide, members may attend or conduct an annual members meeting through any means of communication if all members attending the meeting can communicate with each other during the meeting.
(4)
The board of directors shall report, or cause to be reported, at the association's annual members meeting the association's business and financial condition as of the close of the most recent fiscal year.
(5)
Unless the articles or bylaws otherwise provide, the board of directors shall designate the presiding officer of the association's annual members meeting.
(6)
Failure to hold an annual members meeting does not affect the validity of any action by the limited cooperative association.
L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 780, § 1, effective 4/2/2012.