Maine Revised Statutes Title 13 Sec. 1972 – Definitions
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As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1983, c. 136 (NEW).]
1. Employee cooperative. “Employee cooperative” means a corporation which has duly elected to be governed by this subchapter.
[PL 1983, c. 136 (NEW).]
Terms Used In Maine Revised Statutes Title 13 Sec. 1972
- 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.
- Employee cooperative: means a corporation which has duly elected to be governed by this subchapter. See Maine Revised Statutes Title 13 Sec. 1972
- Member: means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Maine Revised Statutes Title 13 Sec. 1972
- Membership fee: means an initial payment made by a person to an employee cooperative as a condition to becoming a member. See Maine Revised Statutes Title 13 Sec. 1972
- Patronage: means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation or bylaws. See Maine Revised Statutes Title 13 Sec. 1972
- Written notice of allocation: means a written instrument which discloses to a member the stated dollar amount of that member's patronage allocation and the terms for payment of that amount by the employee cooperative. See Maine Revised Statutes Title 13 Sec. 1972
2. Member. “Member” means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative.
[PL 1983, c. 136 (NEW).]
3. Membership fee. “Membership fee” means an initial payment made by a person to an employee cooperative as a condition to becoming a member.
[PL 1983, c. 136 (NEW).]
4. Patronage. “Patronage” means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation or bylaws.
[PL 1983, c. 136 (NEW).]
5. Written notice of allocation. “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of that member’s patronage allocation and the terms for payment of that amount by the employee cooperative.
[PL 1983, c. 136 (NEW).]
SECTION HISTORY
PL 1983, c. 136 (NEW).