As used in this chapter, unless the context otherwise requires:
(1)“Certificate of acceptance” means a certificate of acceptance filed in accordance with § 1407 of this title including, except where the context requires otherwise, any amendments thereto and corrections and restatements thereof.
(2)“Employee” means any person employed by a workers cooperative.
(3)“Member” means any patron of a workers cooperative that has been accepted for membership in such workers cooperative and whose membership has not been terminated.
(4)“Nonvoting stock” means any stock of a workers cooperative that, as of the time of determination, is not voting stock.
(5)“Organizational documents” mean the certificate of incorporation of the workers cooperative, the bylaws of the workers cooperative and ag
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As used in this chapter, unless the context otherwise requires:
(1) “Certificate of acceptance” means a certificate of acceptance filed in accordance with § 1407 of this title including, except where the context requires otherwise, any amendments thereto and corrections and restatements thereof.
(2) “Employee” means any person employed by a workers cooperative.
(3) “Member” means any patron of a workers cooperative that has been accepted for membership in such workers cooperative and whose membership has not been terminated.
(4) “Nonvoting stock” means any stock of a workers cooperative that, as of the time of determination, is not voting stock.
(5) “Organizational documents” mean the certificate of incorporation of the workers cooperative, the bylaws of the workers cooperative and agreements among the stockholders and the workers cooperative. Provisions of this chapter setting forth requirements with respect to the organizational documents shall be deemed to be satisfied if such requirements are contained in or implemented through at least 1 of the documents referred to in the preceding sentence.
(6) “Patron” means any person that:
a. Performs (directly or indirectly) services for a workers cooperative; or
b. Receives (directly or indirectly) services from a workers cooperative.
(7) “Patronage” means services (i) performed (directly or indirectly) by a person for a workers cooperative or (ii) received by a person (directly or indirectly) from a workers cooperative.
(8) “Person” means a natural person, partnership (whether limited or general), limited liability company, trust (whether common law or business), estate, association, corporation, custodian, nominee or any other entity.
(9) “Stockholder” means any person that holds stock issued by a workers cooperative.
(10) “Voting stock” means any stock of a workers cooperative that, as of the time of determination, is entitled to vote on any matter submitted to stockholders.
(11) “Voting trust agreement” means an agreement in writing by and among 2 or more stockholders and the workers cooperative with respect to the exercise of the voting rights of the voting stock held by 1 or more of such stockholders.
(12) “Workers cooperative” means any corporation that:
a. Is incorporated under the laws of this State; and
b. Files a certificate of acceptance, which certificate has been accepted for filing by the office of the Secretary of State in accordance with § 1409 of this title and has become effective.
A workers cooperative may be organized for any lawful business or activity.
(13) “Written notice of allocation” means a written instrument that discloses to a member that stated dollar amount of such member’s patronage allocation and the terms for payment of that amount by the workers cooperative.