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, regardless of whether for profit, except that a limited cooperative association may not be organized for the purpose of generating, purchasing, selling, marketing, transmitting, or distributing electric energy.(3) Unless the articles of organization state a term for a limited cooperative association's existence, the association has perpetual duration.[ 2019 c 37 s 104.]