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Nonprofit Corporations

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§10-2021 Distribution of unclaimed reserves

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 1 – Cooperative Marketing associations If, after ten years from the date of declaration of distribution of reserves, any reserves so distributable remain unclaimed, they may be used by the association in its […]

§10-2022 Associations not deemed in restraint of trade

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 1 – Cooperative Marketing associations An association shall not be deemed to be a combination in restraint of trade, an illegal monopoly or an attempt to lessen competition or fix prices arbitrarily. The […]

§10-2023 Inducing breach of contract; spreading false report; classification

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 person knowingly inducing any member of an association to breach his marketing contract with the association, or who knowingly spreads false reports concerning the finances or management […]

§10-2025 Security law; applicability

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 1 – Cooperative Marketing associations Title 44, chapter 12 applies only to a cooperative association that is formed under this article if either: 1. The cooperative association is formed with capital stock. 2. […]

§10-2026 Merger, interest exchange, conversion, domestication or division; definitions

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 […]

§10-2051 Definitions

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations In this article, unless the context otherwise requires: 1. "Affiliate" means a person that directly or indirectly, through one or more intermediaries, controls, is controlled by […]

§10-2052 Purpose

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations A. Cooperative nonprofit membership corporations may be organized under this article for any of the following purposes: 1. Supplying, purchasing, marketing, selling, transmitting or distributing electric […]

§10-2053 Requirements for formation

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations Five or more natural persons, or two or more cooperatives, may organize a cooperative in the manner provided in this article.

§10-2054 Name

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations A. The name of a cooperative shall include the words "electric" and "cooperative," and the abbreviation "inc.," unless, in a statement executed by the cooperative and […]

§10-2055 Articles of incorporation

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations A. Articles of incorporation of a cooperative shall recite that they are executed pursuant to this article and shall state: 1. The name of the cooperative. […]

§10-2056 Amendment of articles

Title 10 – Corporations and Associations Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies Article 2 – Electric Cooperative Nonprofit Membership Corporations A. A cooperative may amend its articles by complying with the requirements prescribed in subsection B of this section, but a change in location of its […]