17-1501. Incorporation; name; cooperative plan defined.
17-1501
17-1501. Incorporation; name; cooperative plan defined.
Any number of persons not less than twenty, who are citizens of the
state of Kansas may associate themselves together as a cooperative
corporation for the purpose and to the end of more successfully promoting
and conducting any business or industrial pursuit. The title of such
corporation shall begin with "the" and end with "association," "company,"
"corporation," "exchange," "society," or "union." For the purpose of this
act the "co-operative plan" shall be construed to mean a business concern
that distributes the net profits of its business by: First, the
payment of a fixed dividend upon its stock; second, the remainder of
its profits are prorated to its several stockholders upon their purchases
from or sales to said concern or both such purchases and sales.
History: R.S. 1923, 17-1501; Dec. 27.