17-1603.   Incorporation of associations.(a) Five or more persons engaged in the production of agricultural products mayform a nonprofit, cooperative association or associations with or withoutcapital stock, under the provision of this act.

      (b)   Any corporation organized under this act may form a corporation underthe provisions of this act, for the purpose of acting as a subsidiary of theoriginal corporation and conducting any part of the business of the originalcorporation.

      (c)   All cooperative corporations, companies, or associations organized anddoing business under other statutes or which have attempted to so organize anddo business, shall have the benefit of all of the provisions of this act, andbe bound thereby, on paying the fees provided for in this act, and filing withthe secretary of state a written declaration signed and sworn to by thepresident and secretary, to the effect that such cooperative association, by amajority vote of such association's stockholders, has decided to accept thebenefits and be bound by the provisions of this act.

      (d)   The words "this act" as used herein include article 16 of chapter 17of the Revised Statutes of 1923 and all acts amendatory thereto.

      History:   L. 1921, ch. 148, § 3; R.S. 1923, 17-1603; L. 1931, ch. 150,§ 1; L. 1992, ch. 227, § 3; July 1.