§ 15-12-1-34 — Marketing contracts

Indiana § 15-12-1-34

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

Text

(a) An association and its members may
make and execute marketing contracts requiring the members to sell,
for any period that is not more than ten (10) years:
(1) all or any specified part of the members' agricultural products;
or
(2) specified commodities;
exclusively to or through the association or any facilities to be created
by the association.
(b) If a member contracts a sale to the association, it shall be
conclusively held that title to the products passes absolutely and
unreservedly, except for recorded liens, to the association:
(1) upon delivery; or
(2) at any other specified time, if expressly and definitely agreed
in the contract.
(c) A contract authorized under this section may provide that the
association may:
(1) sell or resell the products delivered by the association's
members, with or without taking title to the products; and
(2) pay over to the association's members the resale price, with or
without pooling, actual or proportionate, after deducting all
necessary selling, overhead, and other costs and expenses,
including:
(A) interest on preferred stock, not exceeding eight percent
(8%) per year;
(B) reserves for retiring the stock, if any;
(C) other proper reserves;
(D) interest not exceeding eight percent (8%) per year on
common stock; and
(E) any other deductions specified in the contract.
[Pre-2008 Recodification Citation: 15-7-1-15.]

Legislative History

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