1. Eleven or more persons, except corporations excluded from engaging in farming pursuant to the provisions of section 350.015, a majority of whom are residents of this state, engaged in the production of agricultural products, may form a nonprofit cooperative association without capital stock, under the provisions of this chapter, for the following purpose or purposes: To engage in any activity in connection with the marketing or selling of the agricultural products of its members or with the harvesting, preserving, drying, processing, canning, packing, grading, storing, handling, shipping or utilization thereof or the manufacturing or marketing of the by-products thereof; or in connection with the manufacturing, selling or supplying to its members of machinery, equipment or supplies; or in the financing of the above enumerated activities; or in any one or more of the activities specified herein.

2. Five or more owners or operators of a family farm or a family farm corporation as those terms are defined in section 350.010, all of whom are residents of this state, engaged in the production of agricultural products, may form a nonprofit cooperative association without capital stock, pursuant to the provisions of this chapter, to engage in the production of livestock.