Utah § 16-16-1205 - Voluntary dissolution by the board and members.
Full text of Utah Utah Code § 16-16-1205 — Voluntary dissolution by the board and members., with citation guidance and answers to common questions.
§ 16-16-1205. Voluntary dissolution by the board and members.
16-16-1205.
Voluntary dissolution by the board and members.
(1)
Except as otherwise provided in Section 16-16-1204, for a limited cooperative association to voluntarily dissolve:
(a)
a resolution to dissolve shall be approved by a majority vote of the board of directors unless a greater percentage is required by the organic rules;
(b)
the board of directors shall call a members meeting to consider the resolution, to be held not later than 90 days after adoption of the resolution; and
(c)
the board of directors shall mail or otherwise transmit or deliver to each member in a record that complies with Section 16-16-508:
a recommendation that the members vote in favor of the resolution or, if the board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis of that determination; and
(iii)
notice of the members meeting, which shall be given in the same manner as notice of a special meeting of members.
(2)
Subject to Subsection (3), a resolution to dissolve shall be approved by:
(a)
at least two-thirds of the voting power of members present at a members meeting called under Subsection (1)(b); and
(b)
if the limited cooperative association has investor members, at least a majority of the votes cast by patron members, unless the organic rules require a greater percentage.
(3)
The organic rules may require that the percentage of votes under Subsection (2)(a) is:
(a)
a different percentage that is not less than a majority of members voting at the meeting;
(b)
measured against the voting power of all members; or
Frequently Asked Questions About Utah § 16-16-1205
What does Utah Code § 16-16-1205 cover?
Section 16-16-1205 ("Voluntary dissolution by the board and members.") 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 § 16-16-1205?
A common citation format is "Utah Code § 16-16-1205" (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 § 16-16-1205 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.
