§ 13 §1972 — Definitions

As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
1.
Employee cooperative.
"Employee cooperative" means a corporation which has duly elected to be governed by this subchapter.
2.
Member.
"Member" means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative.
3.
Membership fee.
"Membership fee" means an initial payment made by a person to an employee cooperative as a condition to becoming a member.
4.
Patronage.
"Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation or bylaws.
5.
Written notice of allocation.
"Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of that member's patronage allocation and the terms for payment of that amount by the employee cooperative.

Legislative History

PL 1983, c. 136 (NEW).