Maine Revised Statutes Title 13 Sec. 1775 – Existing associations
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Terms Used In Maine Revised Statutes Title 13 Sec. 1775
- Articles: means the articles of incorporation. See Maine Revised Statutes Title 13 Sec. 1774
- Association: means a corporation organized under this subchapter, or a similar domestic corporation, or a foreign association or corporation if authorized to do business in this State, organized under any general or special Act as a cooperative association for the mutual benefit of its members, as agricultural producers, and which confines its operations to purposes authorized by this subchapter and restricts the return on the stock or membership capital and the amount of its business with nonmembers to the limits placed thereon by this subchapter for associations organized hereunder. See Maine Revised Statutes Title 13 Sec. 1774
- This subchapter: means the "Uniform Agricultural Cooperative Association Act. See Maine Revised Statutes Title 13 Sec. 1774
Any existing association formed under any law of this State as a cooperative agricultural association may elect, by a vote of 2/3 of the members voting thereon at a legal meeting, to secure the benefits of and be bound by this subchapter, and shall thereupon amend such of its articles and bylaws as are not in conformity with this subchapter. A certificate of the action taken at such meeting shall be filed with the Secretary of State within 20 days after such meeting, and a fee of $5 shall be paid.