                                 CODE OF VIRGINIA

ORGANIZATION OF THE ASSOCIATION (§ 55.1-2132)

An association must be organized no later than the date the first cooperative
interest in the cooperative is conveyed. The membership of the association at
all times shall consist exclusively of all the proprietary lessees or, following
termination of the cooperative, of all former proprietary lessees entitled to
distributions of proceeds under § 55.1-2128 or their heirs, successors, or
assigns. The association shall be organized as a stock or nonstock corporation,
trust, trustee, unincorporated association, or partnership.

HISTORY: 1982, c. 277, § 55-458; 2019, c. 712.