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resources / Statutes / Nonprofit Corporations / §10-2026

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.