(at the request of Senate Interim Committee on Judiciary)
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Regular Sponsors:
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Bill Title:
Relating to contracts that members enter into with cooperatives.
Catchline/Summary:
Provides that board member, officer, employee or agent of cooperative is personally liable to member of cooperative if board member, officer, employee or agent materially misrepresents financial condition of cooperative to induce member to enter into contract. Provides that board member, officer, employee or agent of cooperative is personally liable to member of cooperative if board member, officer, employee or agent materially misrepresents financial condition of cooperative to induce member to enter into contract.
Provides that contract is void if board member, officer, employee or agent of cooperative misrepresents financial condition of cooperative or misrepresents term or condition of contract to induce member of cooperative to enter into contract.
Places burden on cooperative that seeks to enforce contract that member alleges should be void to show by preponderance of evidence that board member, officer, employee or agent of cooperative did not make material misrepresentation to induce member to enter into contract.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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SB 524 Senate Committee On Judiciary
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