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13 §1972. Definitions

13 ME Rev Stat § 1972 (2019) (N/A)
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§1972. Definitions

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).]

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).

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