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 capital
stock 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 business
transacted with the corporation.
(6) "Equity" shall include an initial share or shares of stock to reflect
membership 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, a
cooperative association organized under the laws of any other state, any other
association or corporation qualifying as a "farmer's cooperative" within the
meaning of section 521 of the federal internal revenue code of 1986, and
amendments thereto, or any corporation operating on a cooperative basis within
the meaning of section 1381 of the federal internal revenue code of 1986, and
amendments thereto.
(b) Associations organized under this act shall be deemed nonprofit, as they
are not organized to make profit for themselves, as such, or for their members
as such, but only for their members as producers. This act shall be referred to
as the "cooperative marketing act."
History: L. 1921, ch. 148, § 2; R.S. 1923, 17-1602; L. 1992, ch. 227,
§ 2; July 1.
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 capital
stock 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 business
transacted with the corporation.
(6) "Equity" shall include an initial share or shares of stock to reflect
membership 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, a
cooperative association organized under the laws of any other state, any other
association or corporation qualifying as a "farmer's cooperative" within the
meaning of section 521 of the federal internal revenue code of 1986, and
amendments thereto, or any corporation operating on a cooperative basis within
the meaning of section 1381 of the federal internal revenue code of 1986, and
amendments thereto.
(b) Associations organized under this act shall be deemed nonprofit, as they
are not organized to make profit for themselves, as such, or for their members
as such, but only for their members as producers. This act shall be referred to
as the "cooperative marketing act."
History: L. 1921, ch. 148, § 2; R.S. 1923, 17-1602; L. 1992, ch. 227,
§ 2; July 1.
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 capital
stock 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 business
transacted with the corporation.
(6) "Equity" shall include an initial share or shares of stock to reflect
membership 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, a
cooperative association organized under the laws of any other state, any other
association or corporation qualifying as a "farmer's cooperative" within the
meaning of section 521 of the federal internal revenue code of 1986, and
amendments thereto, or any corporation operating on a cooperative basis within
the meaning of section 1381 of the federal internal revenue code of 1986, and
amendments thereto.
(b) Associations organized under this act shall be deemed nonprofit, as they
are not organized to make profit for themselves, as such, or for their members
as such, but only for their members as producers. This act shall be referred to
as the "cooperative marketing act."
History: L. 1921, ch. 148, § 2; R.S. 1923, 17-1602; L. 1992, ch. 227,
§ 2; July 1.