State Codes and Statutes

Statutes > Utah > Title-16 > Chapter-16 > 16-16-1102

16-16-1102. Effect of dissociation as member.
(1) Upon a member's dissociation:
(a) subject to Section 16-16-1103, the person has no further rights as a member; and
(b) subject to Section 16-16-1103 and Part 16, Conversion and Merger, any financialrights owned by the person in the person's capacity as a member immediately before dissociationare owned by the person as a transferee.
(2) A person's dissociation as a member does not of itself discharge the person from anydebt, obligation, or liability to the limited cooperative association which the person incurredunder the organic rules, by contract, or by other means while a member.

Enacted by Chapter 363, 2008 General Session