Utah Code 16-16-105. Purpose and duration of limited cooperative association
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(1) A limited cooperative association is an entity distinct from its members.
Terms Used In Utah Code 16-16-105
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) A limited cooperative association may be organized for any lawful purpose, whether or not for profit, except for the operation of a financial institution as defined in Section 7-1-103.
(3) Unless the articles of organization state a term for a limited cooperative association’s existence, the association has perpetual duration.