Section 16-16-105 - Purpose and duration of limited cooperative association(1) A limited cooperative association is an entity distinct from its members.(2) A limited cooperative association may be organized for any lawful purpose, whether or not for profit, except for the operation of a financial institution as defined in Section 7-1-103.(3) Unless the articles of organization state a term for a limited cooperative association's existence, the association has perpetual duration.Enacted by Chapter 363, 2008 General Session.