State Codes and Statutes

Statutes > Utah > Title-07 > Chapter-07 > 7-7-43

7-7-43. Previously incorporated associations.
(1) The name, rights, powers, privileges, and immunities of every associationincorporated in this state before the effective date of this act shall be governed, controlled,construed, extended, limited, and determined by the provisions of this chapter to the same extentand effect as if the association had been incorporated under this chapter. The articles ofincorporation, certificate of incorporation, or charter, however entitled, bylaws and constitution,or other rules of every such association made or existing before the effective date of this act arehereby modified, altered, and amended to conform to the provisions of this chapter, with orwithout the issuance or approval by the commissioner of conformed copies of such documents,and are declared void to the extent that they are inconsistent with the provisions of this chapter;except, that the obligations of any such pre-existing association, whether between the associationand its members or stockholders, or any of them, or any other person or persons, and any validcontracts between the members or stockholders of any such association, or between theassociation and any other person or persons, existing at the time this act takes effect, may not inany way be impaired by the provisions of this chapter. With these exceptions, every associationincorporated before the effective date of this act shall possess the rights, powers, privileges, andimmunities and shall be subject to the duties, liabilities, disabilities, and restrictions conferredand imposed by this chapter notwithstanding anything to the contrary in its certificate ofauthority, certificate of incorporation, bylaws, constitution, or rules.
(2) All obligations to any association incorporated before the effective date of this actcontracted before the effective date of this act shall be enforceable by it and in its name, anddemands, claims, and rights of action against the association may be enforced against it as fullyand completely as they could have been enforced in the absence of this chapter.

Amended by Chapter 378, 2010 General Session