As used in this chapter, unless the context otherwise requires:
1.“Agricultural associations” are those formed to produce, grade, blend, preserve,
process, store, warehouse, market, sell, or handle an agricultural product, or a by-product of
an agricultural product; to produce ethanol; to purchase, produce, sell, or supply machinery,
petroleum products, equipment, fertilizer, supplies, business services, or educational service
to or for those engaged as bona fide producers of agricultural products; to finance any such
activities; or to engage in any cooperative activity connected with or for any number of these
purposes.
2.“Agricultural products” include horticultural, viticultural, forestry, dairy, livestock,
poultry, bee and any other farm products.
3.“Alternative voting method” means
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As used in this chapter, unless the context otherwise requires:
1. “Agricultural associations” are those formed to produce, grade, blend, preserve,
process, store, warehouse, market, sell, or handle an agricultural product, or a by-product of
an agricultural product; to produce ethanol; to purchase, produce, sell, or supply machinery,
petroleum products, equipment, fertilizer, supplies, business services, or educational service
to or for those engaged as bona fide producers of agricultural products; to finance any such
activities; or to engage in any cooperative activity connected with or for any number of these
purposes.
2. “Agricultural products” include horticultural, viticultural, forestry, dairy, livestock,
poultry, bee and any other farm products.
3. “Alternative voting method” means a method of voting other than a written ballot,
including voting by electronic, telephonic, internet, or other means that reasonably allows
members the opportunity to vote.
4. “Association” means a corporation formed under this chapter.
5. A “cooperative association” is one which deals with or functions for its members at
least to the extent required by section 499.3; and which distributes its net earnings among its
members in proportion to their dealings with it, except for limited dividends or other items
permitted in this chapter; and in which each voting member has one vote and no more.
6. “Local deferred patronage dividends” of an association means that portion of each
member’s deferred patronage dividends described in section 499.30 which the board of
directors of the association has determined arise from earnings of the association other than
earnings which have been allocated to the association but which have not been paid in cash
to the association by other cooperative organizations of which the association is a member.
However, if the board of directors fails to make a determination with respect to a deceased
member’s deferred patronage dividends prior to the member’s death, then “local deferred
patronage dividends” means that portion of the member’s deferred patronage dividends
which is proportional to the deferred patronage dividends described in section 499.30 less
the amount of undistributed net earnings which have been allocated to the association
by other cooperative organizations of which the association is a member, compared to all
deferred patronage dividends of the association.
7. “Local deferred patronage preferred stock” of an association means preferred stock,
if any, of an association which has been issued in exchange for local deferred patronage
dividends. If preferred stock has been issued in exchange for deferred patronage dividends
prior to the time the board of directors of the association has determined the portion of each
member’s deferred patronage dividend which represents local deferred patronage dividends,
thentheboardofdirectorsmayreasonablydeterminewhatportionofthepreferredstockwas
issued in exchange for local deferred patronage dividends and the portion which was issued
for other deferred patronage dividends.
8. “Member” refers not only to members of nonstock associations but also to common
stockholders of stock associations, unless the context of a particular provision otherwise
indicates.