17-1602.   Definitions, nonprofit character of associations.(a) As used in this act:

      (1)   "Agricultural products" shall include horticultural, viticultural,forestry, dairy, livestock, poultry, bee, and farm and ranch products.

      (2)   "Member" shall include actual members of associations without capitalstock and holders of common stock in associations organized with capital stock.

      (3)   "Association" means any corporation organized under this act.

      (4)   "Person" shall include individuals, firms, trusts, partnerships,corporations and associations.

      (5)   "Patronage" shall include the volume or dollar value of businesstransacted with the corporation.

      (6)   "Equity" shall include an initial share or shares of stock to reflectmembership as well as amounts allocated to patrons in the form of stock,certificates, or other such instruments or book credits to reflect patronage.

      (7)   "Cooperative" means any association organized under this act, acooperative association organized under the laws of any other state, any otherassociation or corporation qualifying as a "farmer's cooperative" within themeaning of section 521 of the federal internal revenue code of 1986, andamendments thereto, or any corporation operating on a cooperative basis withinthe meaning of section 1381 of the federal internal revenue code of 1986, andamendments thereto.

      (b)   Associations organized under this act shall be deemed nonprofit, as theyare not organized to make profit for themselves, as such, or for their membersas such, but only for their members as producers. This act shall be referred toas the "cooperative marketing act."

      History:   L. 1921, ch. 148, § 2; R.S. 1923, 17-1602; L. 1992, ch. 227,§ 2; July 1.