Indiana § 23-15-12-2 "Cooperative entity"

Indiana Statutes

§ 23-15-12-2 — "Cooperative entity"

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 15 MISCELLANEOUS PROVISIONS·Ch. 12 Use of Cooperative in Business Entity Name or

As used in this chapter, "cooperative entity" means a business entity subject to this chapter that is:

(1)a cooperatively owned entity organized under the laws of another state or federal law; or

(2)a business entity:

(A)in which the members are buyers of goods or services from, or sellers of goods or services to, the entity;

(B)that is characterized as being democratically governed;

(C)that distributes profits or surpluses on the basis of use rather than on the basis of capital contributions or ownership; and

(D)that pays a limited return of less than eight percent (8%) on preferred equity.

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As used in this chapter, "cooperative entity"
means a business entity subject to this chapter that is:
(1) a cooperatively owned entity organized under the laws of
another state or federal law; or
(2) a business entity:
(A) in which the members are buyers of goods or services from,
or sellers of goods or services to, the entity;
(B) that is characterized as being democratically governed;
(C) that distributes profits or surpluses on the basis of use rather
than on the basis of capital contributions or ownership; and
(D) that pays a limited return of less than eight percent (8%) on
preferred equity.

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