Title 29, Business Organizations. [Enacted title]

A derivative action to enforce a right of a limited cooperative association shall not be discontinued or settled without the Superior Court’s approval.

(a) Except as otherwise provided in subsection (b) of this section: (1) Any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintif…

(a) If a limited cooperative association is named as or made a party in a derivative proceeding, the association may appoint a special litigation committee to investigate the claims asserted in the proceeding and determine whether pursuing the action is in the best interests of t…

Unless the articles of organization otherwise provide, member approval under § 29-1014.02 shall not be required for a limited cooperative association to: (1) Sell, lease, exchange, license, or otherwise dispose of all or any part of the assets of the association in the usual and …

A sale, lease, exchange, license, or other disposition of assets of a limited cooperative association, other than a disposition described in § 29-1014.01, shall require approval of the association’s members under §§ 29-1014.03 and 29-1014.04 if the disposition leaves the associat…

For a limited cooperative association to dispose of assets under § 29-1014.02: (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 t…

(a) Subject to subsection (b) of this section, a disposition of assets under § 29-1014.02 shall be approved by: (1) At least 2/3 of the voting power of members present at a members meeting called under § 29-1014.03(2); and (2) If the limited cooperative association has investor m…

For the purposes of this subchapter, the term: (1) “Constituent limited cooperative association” or “constituent association” means a limited cooperative association or foreign limited cooperative association that is a party to a merger. (2) “Surviving limited cooperative associa…

(a) One or more constituent limited cooperative associations may merge with one or more other constituent associations pursuant to this subchapter and a plan of merger. If any of the constituent associations is a foreign cooperative association, the law of the jurisdiction in whi…

(a) For a limited cooperative association to merge with another constituent limited cooperative association, a plan of merger shall be approved by a majority vote of the board of directors or a greater percentage if required by the association’s organic rules. (b) The board of di…

(a) Subject to subsections (b) and (c) of this section, a plan of merger shall be approved by: (1) At least 2/3 of the voting power of members present at a members meeting called under § 29-1015.03(b); and (2) If the limited cooperative association has investor members, at least …

(a) After each constituent limited cooperative association has approved a merger, articles of merger shall be signed on behalf of each constituent association by an authorized representative. (b) The articles of merger shall include: (1) The name of each constituent limited coope…

(a) When a merger becomes effective: (1) The surviving limited cooperative association shall continue or come into existence; (2) Each constituent limited cooperative association that merges into the surviving association shall cease to exist as a separate entity; (3) All propert…

(a) Constituent limited cooperative associations may agree to call a merger a consolidation under this subchapter. (b) All provisions governing mergers or using the term merger in this chapter shall apply equally to mergers that the constituent associations choose to call consoli…

This subchapter shall not prohibit a limited cooperative association from being merged under law other than this chapter.