Maine Revised Statutes

§1972. Definitions

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.
[ 1983, c. 136, (NEW) .]
2. Member.  "Member" means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative.
[ 1983, c. 136, (NEW) .]
3. Membership fee.  "Membership fee" means an initial payment made by a person to an employee cooperative as a condition to becoming a member.
[ 1983, c. 136, (NEW) .]
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.
[ 1983, c. 136, (NEW) .]
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).