State Codes and Statutes
Statutes > Utah > Title-16 > Chapter-16 > 16-16-10216-16-102. Definitions.
In this chapter:
(1) "Articles of organization" means the articles of organization of a limited cooperativeassociation required by Section 16-16-302. The term includes the articles as amended orrestated.
(2) "Board of directors" means the board of directors of a limited cooperativeassociation.
(3) "Bylaws" means the bylaws of a limited cooperative association. The term includesthe bylaws as amended or restated.
(4) "Certificate of authority" means a certificate issued by the division for a foreigncooperative to transact business in this state.
(5) "Contribution," except as used in Subsection 16-16-1008(3), means a benefit that aperson provides to a limited cooperative association to become or remain a member or in theperson's capacity as a member.
(6) "Cooperative" means a limited cooperative association or an entity organized underany cooperative law of any jurisdiction.
(7) "Designated office" means the office that a limited cooperative association or aforeign cooperative is required to designate and maintain under Subsection 16-16-117(1)(a).
(8) "Director" means a director of a limited cooperative association.
(9) "Distribution," except as used in Subsection 16-16-1007(5), means a transfer ofmoney or other property from a limited cooperative association to a member because of themember's financial rights or to a transferee of a member's financial rights.
(10) "Division" means the Division of Corporations and Commercial Code.
(11) "Entity" means a person other than an individual.
(12) "Financial rights" means the right to participate in allocations and distributions asprovided in Part 10, Contributions, Allocations, and Distributions, and Part 12, Dissolution, butdoes not include rights or obligations under a marketing contract governed by Part 7, MarketingContracts.
(13) "Foreign cooperative" means an entity organized in a jurisdiction other than thisstate under a law similar to this chapter.
(14) "Governance rights" means the right to participate in governance of a limitedcooperative association.
(15) "Investor member" means a member that has made a contribution to a limitedcooperative association and:
(a) is not required by the organic rules to conduct patronage with the association in themember's capacity as an investor member in order to receive the member's interest; or
(b) is not permitted by the organic rules to conduct patronage with the association in themember's capacity as an investor member in order to receive the member's interest.
(16) "Limited cooperative association" means an association organized under thischapter.
(17) "Member" means a person that is admitted as a patron member or investor member,or both, in a limited cooperative association. The term does not include a person that hasdissociated as a member.
(18) "Member's interest" means the interest of a patron member or investor memberunder Section 16-16-601.
(19) "Members meeting" means an annual members meeting or special meeting ofmembers.
(20) "Organic law" means the statute providing for the creation of an entity or principallygoverning its internal affairs.
(21) "Organic rules" means the articles of organization and bylaws of a limitedcooperative association.
(22) "Organizer" means an individual who signs the initial articles of organization.
(23) "Patron member" means a member that has made a contribution to a limitedcooperative association and:
(a) is required by the organic rules to conduct patronage with the association in themember's capacity as a patron member in order to receive the member's interest; or
(b) is permitted by the organic rules to conduct patronage with the association in themember's capacity as a patron member in order to receive the member's interest.
(24) "Patronage" means business transactions between a limited cooperative associationand a person which entitle the person to receive financial rights based on the value or quantity ofbusiness done between the association and the person.
(25) "Person" means an individual, corporation, business trust, cooperative, estate, trust,partnership, limited partnership, limited liability company, limited cooperative association, jointventure, association, public corporation, government or governmental subdivision, agency, orinstrumentality, or any other legal or commercial entity.
(26) "Principal office" means the principal executive office of a limited cooperativeassociation or foreign cooperative, whether or not in this state.
(27) "Record," used as a noun, means information that is inscribed on a tangible mediumor that is stored in an electronic or other medium and is retrievable in perceivable form.
(28) "Required information" means the information a limited cooperative association isrequired to maintain under Section 16-16-114.
(29) "Sign" means, with present intent to authenticate or adopt a record:
(a) to execute or adopt a tangible symbol; or
(b) to attach to or logically associate with the record an electronic symbol, sound, orprocess.
(30) "State" means a state of the United States, the District of Columbia, Puerto Rico, theUnited States Virgin Islands, or any territory or insular possession subject to the jurisdiction ofthe United States.
(31) "Transfer" includes an assignment, conveyance, deed, bill of sale, lease, mortgage,security interest, encumbrance, gift, and transfer by operation of law.
(32) "Voting group" means any combination of one or more voting members in one ormore districts or classes that under the organic rules or this chapter are entitled to vote and can becounted together collectively on a matter at a members meeting.
(33) "Voting member" means a member that, under the organic law or organic rules, hasa right to vote on matters subject to vote by members under the organic law or organic rules.
(34) "Voting power" means the total current power of members to vote on a particularmatter for which a vote may or is to be taken.
Enacted by Chapter 363, 2008 General Session
