Title 7, Title 7 Associations, and Partnerships

No association formed under this chapter shall pay over eight percent (8%) per annum on its capital stock or membership capital.

The bylaws of each association shall provide for the management of the association by a board of not less than five (5) directors, who shall be elected by the members in any manner, at any times, and for any terms that the bylaws prescribe. Regular meetings of the association sha…

The articles of association of any association formed under this chapter may be changed or amended. Any change or amendment must first be approved by two-thirds (⅔) of the directors of an association and then must be adopted by a majority of its members through their vote on it o…

The marketing contract of any association formed under this chapter may fix as liquidated damages, specific, reasonable sums to be paid by a member to the association upon the breach by him or her of any provisions of the marketing contract regarding the sale or delivery or withh…

Every association formed under this chapter shall submit an annual statement, sworn to by one of the officers of the association, to the director of environmental management, subject to any regulations that he or she prescribes, on forms furnished by or satisfactory to him or her…

To effectuate the formation of federations of nonprofit associations of producers, any association of producers is authorized to acquire membership or stock in any other association of producers and any association is authorized to grant membership or sell stock to the associatio…

No corporation or other organization dealing in agricultural products, or engaged in any of the purposes enumerated in § 7-7-2, shall use the term “cooperative” as part of its name unless organized under the provisions of this chapter.

Five (5) or more persons of lawful age engaged in the production of agricultural products, or two (2) or more nonprofit cooperative associations of producers, organized under the provisions of this chapter, may form a nonprofit cooperative association with or without capital stoc…

The provisions of the general corporation law of this state, and all powers and rights under that law, apply to the associations organized under this chapter, except where the provisions are in conflict with, or inconsistent with, the express provisions of this chapter.

Each association organized under the provisions of this chapter shall pay to the state an annual tax of five dollars ($5.00) that shall be assessed by the tax administrator at the same time and in the same manner, and is due and payable to, and may be collected by, the general tr…

A cooperative corporation or association previously formed under, or subject to, a law repealed by this chapter, is subject to the provisions of this chapter as if incorporated under this chapter, and the corporation or association may continue its corporate existence and name, s…

The persons shall sign and file in duplicate written articles of association, which shall be signed by all of the incorporators and which shall be acknowledged by them in the manner in which deeds of real estate are required to be acknowledged within this state, and the residence…

Upon the filing of the articles of association and a duplicate of the articles with the secretary of state, together with an incorporation fee of fifty dollars ($50.00) and the duplicate copy certified to by the secretary of state and returned to the incorporator, the original ar…

Associations organized under this chapter are deemed nonprofit, insofar as they are not organized as to make profits for themselves as such or for their members as such but only for their members as producers.

Each association incorporated under this chapter has power and authority to: (1) Have perpetual succession in its corporate name unless a period for its duration is limited in its articles of association; (2) Sue and be sued in its corporate name; (3) Have and use a common seal a…

Each association incorporated under this chapter shall, within thirty (30) days after its incorporation, adopt for its government and management a code of bylaws consistent with these provisions. A two-thirds (⅔) vote of the members present at any meeting at which a quorum is pre…

Only persons, or associations of persons, engaged in the production of the agricultural products as the association is authorized to handle, including lessees and landlords receiving these products as rent, shall be eligible to membership therein, subject to the terms and conditi…

Every association formed under this chapter without capital stock shall issue a certificate of membership to each member which, unless otherwise provided in its articles of incorporation or bylaws, is nontransferable. In the case of associations organized without capital stock, i…