16-16-105. Purpose and duration of limited cooperative association.
(1) A limited cooperative association is an entity distinct from its members.
(2) A limited cooperative association may be organized for any lawful purpose, whether or not for profit, except for the operation of a financial institution as defined in Section. 7-1-103
(3) Unless the articles of organization state a term for a limited cooperative association's existence, the association has perpetual duration.