(1) A domestic corporation, association, or cooperative formed under this article before July 1, 1996, shall be governed by the provisions of this article.
(2) A cooperative formed under article 57 of this title before July 1, 1996, until it elects to be governed by the provisions of this article pursuant to section 7-56-205, shall be deemed to have been formed under, and shall be governed by, the provisions of article 55 of this title as in effect immediately prior to July 1, 1996.
Source: L. 96: Entire article R&RE, p. 542, § 1, effective July 1. L. 2003: (2) amended, p. 2236, § 111, effective July 1, 2004.