16-16-401 - Authority to amend organic rules.
16-16-401. Authority to amend organic rules.
(1) A limited cooperative association may amend its organic rules under this part for anylawful purpose. In addition, the initial board of directors may amend the bylaws of anassociation under Section 16-16-304.
(2) Unless the organic rules otherwise provide, a member does not have a vested propertyright resulting from any provision in the organic rules, including a provision relating to themanagement, control, capital structure, distribution, entitlement, purpose, or duration of thelimited cooperative association.
Enacted by Chapter 363, 2008 General Session