§ 2. Definitions. As used in this chapter:

Terms Used In N.Y. Rural Electric Cooperative Law 2

  • 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.

(a) "Cooperative" means any corporation organized under this chapter or which becomes subject to this chapter in the manner hereinafter provided;

(b) "Person" means any natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or any body politic; and

(c) "Rural areas" means any area of the state not included within the boundaries of any city or village having a population in excess of twenty thousand inhabitants.

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