16-16-1503 - Notice and action on disposition of assets.
16-16-1503. Notice and action on disposition of assets.
For a limited cooperative association to dispose of assets under Section 16-16-1502:
(1) a majority of the board of directors, or a greater percentage if required by the organicrules, shall approve the proposed disposition; and
(2) the board of directors shall call a members meeting to consider the proposeddisposition, hold the meeting not later than 90 days after approval of the proposed disposition bythe board, and mail or otherwise transmit or deliver in a record to each member:
(a) the terms of the proposed disposition;
(b) a recommendation that the members approve the disposition, or if the boarddetermines that because of conflict of interest or other special circumstances it should not make afavorable recommendation, the basis for that determination;
(c) a statement of any condition of the board's submission of the proposed disposition tothe members; and
(d) notice of the meeting at which the proposed disposition will be considered, whichshall be given in the same manner as notice of a special meeting of members.
Amended by Chapter 378, 2010 General Session