Utah § 16-16-1503 - Notice and action on disposition of assets.

Full text of Utah Utah Code § 16-16-1503 — Notice and action on disposition of assets., with citation guidance and answers to common questions.

§ 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 organic rules, shall approve the proposed disposition; and
(2) the board of directors shall call a members meeting to consider the proposed disposition, hold the meeting not later than 90 days after approval of the proposed disposition by the 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 board determines that because of conflict of interest or other special circumstances it should not make a favorable recommendation, the basis for that determination;
(c) a statement of any condition of the board's submission of the proposed disposition to the members; and
(d) notice of the meeting at which the proposed disposition will be considered, which shall be given in the same manner as notice of a special meeting of members.


Amended by Chapter 378, 2010 General Session

Source: official Utah text · Last verified 2026-08-27

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Frequently Asked Questions About Utah § 16-16-1503

What does Utah Code § 16-16-1503 cover?

Section 16-16-1503 ("Notice and action on disposition of assets.") 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 § 16-16-1503?

A common citation format is "Utah Code § 16-16-1503" (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 § 16-16-1503 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.