Washington Code 23.78.010 – Definitions
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For the purposes of this chapter, the terms defined in this section have the meanings given:
Terms Used In Washington Code 23.78.010
- 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.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) “Employee cooperative” means a corporation that has elected to be governed by the provisions of this chapter.
(2) “Member” means a natural person who has been accepted for membership in, and owns a membership share issued by an employee cooperative.
(3) “Patronage” means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation and bylaws.
(4) “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of the member’s patronage allocation, and the terms for payment of that amount by the employee cooperative.
[ 1987 c 457 § 2.]