Louisiana Revised Statutes 12:402 – Terms defined
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Terms Used In Louisiana Revised Statutes 12:402
- Cooperative: means a corporation organized under this Part and a corporation which becomes subject to this Part in the manner hereinafter provided. See Louisiana Revised Statutes 12:402
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes any natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or any body politic. See Louisiana Revised Statutes 12:402
As used in this Part:
A. “Cooperative” means a corporation organized under this Part and a corporation which becomes subject to this Part in the manner hereinafter provided.
B. “Member” means each incorporator of a cooperative and each person admitted to and retaining membership therein, and shall include a husband and wife admitted to joint membership.
C. “Person” includes any natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or any body politic.
Renumbered from R.S.1950, §12:302 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969.