Title 10 – Corporations and Associations

Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies

Article 1 – Cooperative Marketing associations

• A. A domestic cooperative association may be a party to or otherwise undertake a merger, an interest exchange, a conversion, a domestication or a division by complying with chapter 34 of this title and title 29, chapter 6.
• B. If a domestic cooperative association is to be created in a merger, a conversion, a domestication or a division, the initial members of the association must consist of any of the following:
• 1. Five or more persons engaged in the production of agricultural products pursuant to section 10-2003, subsection A.
• 2. Five or more small businesses, individuals or entities engaged in the marketing and distribution of manufactured goods for import and export purposes.
• 3. Five or more persons for the purpose of producing, manufacturing and selling goods or services.
• C. For the purposes of this section, references in chapter 34 of this title to a "corporation" are deemed references to a domestic cooperative association.
• D. For the purposes of this section:
• 1. "Conversion" means a transaction authorized by title 29, chapter 6, article 4.
• 2. "Division" means a transaction authorized by title 29, chapter 6, article 6.
• 3. "Domestication" means a transaction authorized by title 29, chapter 6, article 5.
• 4. "Interest exchange" means a transaction authorized by title 29, chapter 6, article 3.
• 5. "Merger" means a transaction authorized by title 29, chapter 6, article 2.