17-1501.   Incorporation; name; cooperative plan defined.Any number of persons not less than twenty, who are citizens of thestate of Kansas may associate themselves together as a cooperativecorporation for the purpose and to the end of more successfully promotingand conducting any business or industrial pursuit. The title of suchcorporation shall begin with "the" and end with "association," "company,""corporation," "exchange," "society," or "union." For the purpose of thisact the "co-operative plan" shall be construed to mean a business concernthat distributes the net profits of its business by: First, thepayment of a fixed dividend upon its stock; second, the remainder ofits profits are prorated to its several stockholders upon their purchasesfrom or sales to said concern or both such purchases and sales.

      History:   R.S. 1923, 17-1501; Dec. 27.