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House Debates Amendments to Agricultural Cooperative Law, Asks Whether Water Co‑ops Are Covered
Summary
Lawmakers discussed Senate Bill 142, which adds provisions for one‑member agricultural cooperatives, proportionate patronage voting and preferred nonvoting stock to raise capital; lawmakers asked whether private water cooperatives fall under the bill and cited code section 70A‑8‑409.
Lawmakers on the Utah House floor reviewed Senate Bill 142, a package of amendments to agricultural cooperative law intended to give co‑ops more options to raise capital and to clarify governance. The bill author explained it would allow certain agricultural cooperatives to form one‑member associations, permit proportionate voting based on patronage, and allow issuing preferred nonvoting stock yielding dividends above 8 percent for capital raising; it also includes judicial‑dissolution procedures in certain circumstances.
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