As used in this act [76-12-1 through 76-12-23 NMSA 1978], unless the context or subject matter requires otherwise:

A. the term, "agricultural products" shall include horticultural, viticultural, nut, dairy, livestock, poultry, bee and any other farm products;

B. the term "member" means in addition to those admitted to membership in an association without capital stock, holders of common stock in associations organized with capital stock;

C. the term "association" means any corporation organized under this act or any similar corporation organized under any general or special act of this or any other state as a cooperative association, for the mutual benefit of its members, as agricultural producers, in which the return on the stock or membership capital is limited to an amount not to exceed eight per centum (8%) per annum, and which during any fiscal year does not deal with nonmembers' products to an amount greater in value than members' products;

D. the term "person" shall include: individuals, partnerships, firms, corporations and associations;

E. associations organized hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profit for themselves as such, nor for their members, as such, but only for their members as producers or users of products purchased.

History: Laws 1937, ch. 152, § 3; 1941 Comp., § 48-1303; 1953 Comp., § 45-14-3.

Compiler's notes. — For similar provisions in earlier acts, see Laws 1925, ch. 99, §§ 1 and 10, and Laws 1923, ch. 36, § 1.

Agency relationship. — Agreement between nonprofit agricultural cooperative marketing association and members thereof, making association sole marketing agency for members' onions and requiring association to gather, harvest and haul same at individual members' expense, created relationship of principal and agent; association was bargaining agent, not independent enterprise, and was not liable for losses due to delay in making sales, absent unreasonable exercise of discretion. Santo Tomas Produce Ass'n v. Smith, 1961-NMSC-080, 68 N.M. 436, 362 P.2d 977.