Missouri § 351.1135 - Contributions accepted, when, requirements.
Full text of Missouri Revised Statutes of Missouri § 351.1135 — Contributions accepted, when, requirements., with citation guidance and answers to common questions.
§ 351.1135. Contributions accepted, when, requirements.
1. Subject to any restrictions in sections 351.1000 to 351.1228, the articles, or bylaws regarding patron and nonpatron membership interests, and only when authorized by the board, a cooperative may accept contributions which may be patron or nonpatron membership contributions under this section, make contribution agreements under section 351.1138, and make contribution rights agreements under section 351.1141.
2. Except as otherwise set forth in the bylaws, a person may make a contribution to a cooperative:
(1) By paying money or transferring the ownership of an interest in property to the cooperative or rendering services to or for the benefit of the cooperative; or
(2) Through a written obligation signed by the person to pay money or transfer ownership of an interest in property to the cooperative or to perform services to or for the benefit of the cooperative.
3. No purported contribution shall be treated or considered as a contribution, unless:
(1) The board accepts the contribution on behalf of the cooperative and in that acceptance describes the contribution, including terms of future performance, if any, and agrees to and states the value being accorded to the contribution; and
(2) The fact of contribution and the contribution's accorded value are both reflected in the required records of the cooperative.
4. The determination of the board as to the amount or fair value or the fairness to the cooperative of the contribution accepted or to be accepted by the cooperative or the terms of payment or performance, including under a contribution agreement under section 351.1138, and a contribution rights agreement under section 351.1141, are presumed to be proper if they are made in good faith and on the basis of accounting methods, or a fair valuation or other method, reasonable in the circumstances.
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(L. 2011 S.B. 366)
---- end of effective 28 Aug 2011 ----
Frequently Asked Questions About Missouri § 351.1135
What does Revised Statutes of Missouri § 351.1135 cover?
Section 351.1135 ("Contributions accepted, when, requirements.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 351.1135?
A common citation format is "Revised Statutes of Missouri § 351.1135" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 351.1135 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.