N.D. Cent. Code § 10-15-55
This is the official text of N.D. Cent. Code § 10-15-55, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-15-55. Defense of ultra vires
Official statutory text
10-15-55. Defense of ultra vires
No act and no transfer of property to or by a cooperative is invalid because made in excess
of the cooperative's power, except that such lack of power may be asserted in a proceeding by:
1. A member, stockholder, or director against the cooperative to enjoin any act or any
transfer of property to or by the cooperative.
2. The cooperative or its legal representative against any present or former officer or
director.
3. The attorney general against the cooperative in an action to dissolve the cooperative
or to enjoin it from the transaction of unauthorized business.
No act and no transfer of property to or by a cooperative is invalid because made in excess
of the cooperative's power, except that such lack of power may be asserted in a proceeding by:
1. A member, stockholder, or director against the cooperative to enjoin any act or any
transfer of property to or by the cooperative.
2. The cooperative or its legal representative against any present or former officer or
director.
3. The attorney general against the cooperative in an action to dissolve the cooperative
or to enjoin it from the transaction of unauthorized business.
Status: in_force · Read it on the official government site
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