1. (1) The articles shall state:

   1. (a) The domestic entity name of the limited cooperative association;
   2. (b) The purposes for which the limited cooperative association is formed, which may be for any lawful purpose;
   3. (c) The registered agent name and registered agent address of the association's initial registered agent;
   4. (d) The street address and, if different, mailing address of the association's initial principal office; and
   5. (e) The true name and street address and, if different, mailing address of each organizer.
2. (2) The articles may contain any other provisions in addition to those required by subsection (1) of this section, including any matters referred to in subsection (3) of this section, section 7-58-305 (1), or section 7-58-305 (3).

3. (3) The matters referred to in this subsection (3) may be varied only in the articles. The articles may:

   1. (a) State a term of duration, less than perpetual, of the limited cooperative association under section 7-58-106 (1);
   2. (b) Limit or eliminate the acceptance of new or additional members by the initial board of directors under section 7-58-304 (2);
   3. (c) Vary the percentage of votes required for members to approve an amendment to the articles under section 7-58-405;
   4. (d) Vary the limitations on the obligations and liability of members for association obligations under section 7-58-504;
   5. (e) Require a notice of an annual members meeting to state a purpose of the meeting under section 7-58-508 (2);
   6. (f) Provide for less than unanimous consent to action by members without a members meeting under section 7-58-516 (1)(a);
   7. (g) Vary the matters the board of directors may consider in making a decision under section 7-58-820;
   8. (h) Specify causes of dissolution under section 7-58-1202 (1);
   9. (i) Delegate amendment of the bylaws to the board of directors pursuant to section 7-58-405 (6);
   10. (j) Provide for member approval of asset dispositions under section 7-58-1501;
   11. (k) Subject to section 7-58-820, provide for the elimination or limitation of liability of a director to the association or its members for money damages pursuant to section 7-58-818; and
   12. (l) Provide for permitting or requiring indemnification under section 7-58-901 (1).

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 769, § 1, effective April 2, 2012.