§ 15-12-1-11 — Association; membership; issuance of stock

Indiana § 15-12-1-11

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 1: Agricultural Cooperatives

Text

(a) An association may under the terms and
conditions prescribed in the bylaws adopted by the association admit
as members or issue common and voting stock to any of the following:
(1) The individuals or political subdivisions of Indiana that meet
the requirements of subsection (b).
(2) The associations that meet the requirements of subsection (c).
(b) To meet the requirements of this subsection, individuals or
political subdivisions must be engaged in the production of agricultural
products. For purposes of this section, a lessor or landlord of land used
for the production of agricultural products or any individual devoting
a substantial part of the individual's time to assisting others to produce
agricultural products, whether employed by a farmer, an agricultural
cooperative corporation, or an association, is considered to be engaged
in the production of agricultural products. Except as otherwise
provided in this section, the holders of common stock of an association
limited by its articles of incorporation to one (1) or more particular
agricultural services must be producers of agricultural products that use
the articles or services to which the activities of the association are
limited.
(c) An association:
(1) organized under or governed by this chapter or organized
under or governed by the agricultural law of another state of the
United States; or
(2) that complies with 7 U.S.C. 291 and 7 U.S.C. 292, whether
incorporated in or outside the United States, and with acts
amendatory or supplementary to 7 U.S.C. 291 and 7 U.S.C. 292;
may become a member or stockholder of any association or
associations organized under this chapter. Any corporation, however
organized, that is lawfully engaged in the production of agricultural
products, either as owner, lessor, or lessee of land used for the
production of agricultural products, may become a stockholder or
member in any association that is organized under this chapter and for
which more than one-half (1/2) of the value of the association's
business consists of the patronage of individuals who are direct
producers of agricultural products.
(d) A member of an association organized under this chapter that is
not an individual may be represented by any individual authorized to
do so in writing by the member.
[Pre-2008 Recodification Citation: 15-7-1-6.]

Legislative History

As added by P.L.2-2008, SEC.3.