As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1983, c. 136, (NEW).]
1.Employee cooperative.
"Employee cooperative" means a corporation which has duly elected to be governed by this subchapter.
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1983, c. 136, (NEW)
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2.Member.
"Member" means a natural person who has been accepted for membership in and owns a membership share issued by an employee
cooperative.
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1983, c. 136, (NEW)
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3.Membership fee.
"Membership fee" means an initial payment made by a person to an employee cooperative as a condition to becoming a member.
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1983, c. 136, (NEW)
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4.Patronage.
"Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles
of incorporation or bylaws.
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1983, c. 136, (NEW)
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5.Written notice of allocation.
"Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of that member's
patronage allocation and the terms for payment of that amount by the employee cooperative.
[
1983, c. 136, (NEW)
.]
SECTION HISTORY
1983, c. 136, (NEW).
Data for this page extracted on 10/16/2012 08:22:06.