TITLE 7
Corporations, Associations, and Partnerships

CHAPTER 7-6.2
Workers' Cooperatives

SECTION 7-6.2-2


§ 7-6.2-2. Definitions. [Effective January 1, 2018.].

As used in this chapter, the following words and terms have the following meaning:

(1) "Member" means a natural person who has been accepted in and owns a membership share issued by a workers' cooperative.

(2) "Paid-in capital" means money or other property contributed by a member to a workers' cooperative that is exclusive of any membership fee.

(3) "Patronage" means the amount of work performed as a member of a workers' cooperative that is measured in accordance with the certificate of incorporation and bylaws.

(4) "Person" means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest.

(5) "Workers' cooperative" means a corporation that has elected to be governed by the provisions of this chapter.

(6) "Written notice of allocation" means the amount of work performed as a member of a workers' cooperative that is measured in accordance with the certificate of incorporation and bylaws.

History of Section.
(P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)