Utah § 16-16-1002 - Contribution and valuation.
Full text of Utah Utah Code § 16-16-1002 — Contribution and valuation., with citation guidance and answers to common questions.
§ 16-16-1002. Contribution and valuation.
| (1) | Unless the organic rules otherwise provide, the contributions of a member to a limited cooperative association may consist of tangible or intangible property or other benefit to the association, including money, labor or other services performed or to be performed, promissory notes, other agreements to contribute money or property, and contracts to be performed. |
| (2) | The receipt and acceptance of contributions and the valuation of contributions shall be reflected in a limited cooperative association's records. |
| (3) | Unless the organic rules otherwise provide, the board of directors shall determine the value of a member's contributions received or to be received and the determination by the board of directors of valuation is conclusive for purposes of determining whether the member's contribution obligation has been met. |
Amended by Chapter 378, 2010 General Session
Frequently Asked Questions About Utah § 16-16-1002
What does Utah Code § 16-16-1002 cover?
Section 16-16-1002 ("Contribution and valuation.") is part of the Utah Code, the codified statutory law of Utah. 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 Utah § 16-16-1002?
A common citation format is "Utah Code § 16-16-1002" (Utah). 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 Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 16-16-1002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah 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 Utah.