23-15-12-2. "Cooperative entity"

IN Code § 23-15-12-2 (2019) (N/A)
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Sec. 2. As used in this chapter, "cooperative entity" means a business entity subject to this chapter that is:

(1) a cooperatively owned entity organized under the laws of another state or federal law; or

(2) a business entity:

(A) in which the members are buyers of goods or services from, or sellers of goods or services to, the entity;

(B) that is characterized as being democratically governed;

(C) that distributes profits or surpluses on the basis of use rather than on the basis of capital contributions or ownership; and

(D) that pays a limited return of less than eight percent (8%) on preferred equity.

As added by P.L.97-2017, SEC.3.