§ 8-1-17-11 — General cooperative corporation and local cooperative corporation distinguished

Indiana § 8-1-17-11

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 17: Telephones─Rural Telephone Cooperative Act

Text

Any cooperative corporation to be formed
under this chapter shall be either a general cooperative corporation or
a local cooperative corporation.
(a) A general cooperative corporation is one formed under this
chapter for the purpose of furnishing engineering, financial accounting,
or educational services to its members or to persons expecting to form
a local cooperative corporation, and having for its members only its
incorporators or local cooperative corporations. It shall not render
communications service and the commission shall not allocate to it any
territory for such purpose.
(b) A general cooperative corporation may be formed to have as
members, and serve, local cooperative corporations in all, or certain
named, counties of this state, not including any county previously
named as part of the territory to be served by another general
cooperative corporation then organized and existing, unless such other
general cooperative corporation duly consents in writing, filed with the
commission, to such inclusion.
(c) A general cooperative corporation, before obtaining the approval
of its articles of incorporation, must prove to the commission that it has
written consent to its incorporation signed by or on behalf of:
(1) the local cooperative corporations then existing and
contemplated to be members of the general cooperative
corporation; and
(2) the incorporated agricultural association or associations,
including in its or their members at least one-third (1/3) of the
members residing in the territory in which the general cooperative
proposes to operate and reasonably anticipated to become
members of local cooperative corporations which will become
members of such general cooperative corporation.
Such signatures of said local cooperative corporations and of such
agricultural associations shall be made by their respective presidents
or vice presidents, and secretaries or assistant secretaries, and shall be
supported by certified copies of resolutions authorizing the same and
duly adopted by their boards of directors, respectively.
Formerly: Acts 1951, c.193, s.11. As amended by P.L.59-1984,
SEC.77; P.L.97-1993, SEC.6; P.L.136-2018, SEC.74; P.L.81-2020,
SEC.10.