§ 1420 — Property held by agricultural cooperative corporations

§ 1420. Property held by agricultural cooperative corporations. 1.\nFor the purposes of this section, "agricultural cooperative corporation"\nshall include any corporation organized or qualified to do business in\nthis state pursuant to the cooperative corporations law, which is\noperated primarily for the benefit of producers of agricultural\nproducts, as such term is defined in subdivision (a) of section three of\nthe cooperative corporations law. Notwithstanding any other provision\nof this chapter to the contrary, any share of stock, credit, dividend,\nprofit, patronage refund, distribution, interest, equity certificate,\nequity retain, payment, or other money or property which:\n (a) is in the possession of an agricultural cooperative corporation\norganized or qualified to do business in this state pursuant to the\ncooperative corporations law;\n (b) evidences membership in or resulted from patronage with an\nagricultural cooperative corporation or the predecessor of such\ncorporation; and\n (c) is held for, allocated to the account of, allocated in the name of\nor owing by the agricultural cooperative corporation to a member,\nstockholder, patron or other person; shall not be deemed abandoned\nproperty or otherwise subject to the provisions of this chapter.\n