1. (a) A limited cooperative association is an entity distinct from its members.
2. (b) A limited cooperative association may be organized for any lawful purpose, whether or not for profit except for supplying electric energy or natural gas in rural areas. A cooperative organized for the purpose of supplying electric energy and promoting and extending the use thereof in rural areas must be organized under the Rural Electric Cooperative Act.
3. (c) Unless the articles of organization state a term for a limited cooperative association’s existence, the association has perpetual duration.

Laws 2009, HB 2148, c. 68, § 5, eff. January 1, 2010.