§ 111. Definitions. For the purposes of this article:
(a)the term\n"agricultural cooperative" means a cooperative, either stock or\nnon-stock, operated for the mutual benefit of the members in which (1)\nno member is allowed more than one vote because of the amount of stock\nor membership capital he or she may own therein, and (2) the cooperative\ndoes not pay dividends on stock or membership capital in excess of\ntwelve per centum per annum, and (3) the cooperative does not deal in\nfarm products, agricultural waste products or agricultural compost, farm\nsupplies, farm business services and the capture of methane and other\ngases for the generation and use or sale of energy, as defined in\nsection 1-103 of the energy law with or for non-members in an amount\ngreater in value than the
Free access — add to your briefcase to read the full text and ask questions with AI
§ 111. Definitions. For the purposes of this article: (a) the term\n"agricultural cooperative" means a cooperative, either stock or\nnon-stock, operated for the mutual benefit of the members in which (1)\nno member is allowed more than one vote because of the amount of stock\nor membership capital he or she may own therein, and (2) the cooperative\ndoes not pay dividends on stock or membership capital in excess of\ntwelve per centum per annum, and (3) the cooperative does not deal in\nfarm products, agricultural waste products or agricultural compost, farm\nsupplies, farm business services and the capture of methane and other\ngases for the generation and use or sale of energy, as defined in\nsection 1-103 of the energy law with or for non-members in an amount\ngreater in value than the total amount of such business transacted by it\nwith or for members.\n Only persons engaged in the production of agricultural products, or\ncooperative corporations of such producers organized under the laws of\nthis or any other state, shall be eligible for membership in any\nagricultural marketing or purchasing corporation formed or operated\nunder the provisions of this article. The terms and conditions of\nmembership shall be prescribed in the by-laws. The board of directors\nshall be chosen at the time and place and for terms fixed by the\nby-laws, but at least one-fourth of the directors must be elected\nannually.\n The by-laws may provide for their amendment by the board of directors;\nbut any amendment adopted by the board which affects the preferential\nrights or obligations of the members or stockholders shall be reported\nto the next annual meeting of the corporation, and if not affirmatively\napproved thereat shall cease to be in effect. Such by-laws reported to\nthe annual meeting may be adopted, repealed or amended on the\naffirmative vote of two-thirds of the members, stockholders or delegates\nvoting thereon at a meeting held after due written notice setting forth\nthe proposed action and the purpose of the meeting.\n (b) The term "agricultural products" shall mean horticultural,\nviticultural, dairy, livestock, poultry, bee and any other farm\nproducts.\n (c) The terms "feed", "food", and "food products" mean any substance,\ncapable of human, animal or poultry consumption, whether simple, mixed\nor compound, and all substances or ingredients added to food for such\npurpose.\n (d) The term "agricultural waste products" means livestock manure and\ncrop residues.\n (e) The term "agricultural compost" means organic waste derived\nprincipally from farm operations and which has been subjected to\naerobic, thermophilic decomposition to produce a stable, humus-like\nmaterial.\n