Chapter 421C — Chapter 421C

PART I. GENERAL PROVISIONS §421C-1 Definitions. Except where the context requires otherwise, wherever used in this chapter: "Articles" means the articles of incorporation. "Association" means a consumer cooperative association. "Consumer cooperative association" means a group ent…

PART II. SPECIAL PROVISIONS §421C-11 Forms. The department of commerce and consumer affairs may prescribe and furnish on request forms for documents required or permitted to be filed by this chapter. The director of commerce and consumer affairs may require that the use of these …

§421C-11.5 Articles. (a) Articles shall be certified and executed by each of the incorporators, if natural persons, and by the president and secretary of the association, before any officer authorized to take acknowledgments, and shall contain the following: (b) The articles may …

§421C-12 Bylaws; contents. The bylaws shall contain:

§421C-14 One member, one vote. (a) Each member of an association shall have one and only one vote; provided that secondary associations, which are associations solely comprised of other associations or groups organized on a cooperative basis, may allow exceptions to the one vote …

§421C-22 Transfer of shares and membership; withdrawal. (a) If a member desires to withdraw from the association or dispose of any or all of the member's holdings therein, the directors shall have the power to purchase those holdings by paying the member out of surplus funds the …

§421C-25 Allocation and distribution of net savings. (a) At least once a year the members, the directors, or both, as the articles or bylaws provide, shall apportion the net savings of the association to one or more of the following categories; except that not less than ten per c…

§421C-28 Books; review. (a) Subject to subsection (b), every association shall keep a set of books of the association's business operations, which shall be reviewed at the end of each fiscal year by a certified public accountant who shall not be an officer, director, or employee …

§421C-29 Annual report. (a) Every association shall file with the director of commerce and consumer affairs an annual report as prescribed by the director. A copy of the report shall be submitted to the members at their annual meeting, mailed to each member of the association, or…

§421C-3 Stock and nonstock associations; general corporation laws, when applicable. (a) An association may either be organized with stock or without stock. Subject to section 421C-20, if organized with stock, the association shall require a certain amount of common stock to be pu…

§421C-31 Merger. The general corporation laws relating to the merger of domestic corporations shall apply to associations formed under this chapter. [L 1982, c 97, pt of §2; am L 1986, c 339, §73; am L 2004, c 121, §27]

§421C-36 Exemption of voting stock from registration. Membership stock or membership certificates under section 421C-3(a), or share or membership capital of any association organized under or existing prior to passage of this chapter shall be included as exempt securities under s…

§421C-37 Existing cooperatives. Any domestic corporation or group operating on a cooperative basis as defined in section 421C-1 may elect by a vote of two-thirds of the members present and voting to secure the benefits of and be bound by this chapter, and shall thereupon file suc…