185.01 Definitions. As used in this chapter, unless the context requires otherwise, the term:

(1) “Articles" means the articles of incorporation of a cooperative unless the context otherwise requires.

(1g) “Association" includes both cooperatives and foreign cooperatives.

(1m) “Board" means the board of directors of a cooperative.

(1r) “Bylaws" means the bylaws of a cooperative.

(2) “Cooperative" means an association incorporated under this chapter.

(3) “Corporation" means all corporations not associations.

(3m) “Department", except in s. 185.45 (3) (c) and (4) (b), means the department of financial institutions.

(4) “Foreign cooperative" means an association incorporated under a cooperative law of another state which has members residing within this state and which is operating on the following cooperative basis:

(a) No member of the foreign cooperative who is an individual is allowed more than one vote because of the amount of stock or membership capital the member owns therein; and

(b) The foreign cooperative shall not deal in the products of or for nonmembers to an amount greater in value than such as are handled by it for members; and

(c) The foreign cooperative distributes its proceeds according to either s. 185.45 or the law of the state of the foreign cooperative's incorporation.

(5) “Member" means a person who has been qualified and accepted for membership in an association. If a cooperative has one or more classes of members not entitled to vote, “member" or “members", as used in this chapter with respect to the right of a member to vote, voting procedure, the required proportion of member votes, actions that must or may be taken by members, the number of members required for a quorum and the eligibility of directors, means a member or members entitled to vote, unless the bylaws provide otherwise.

(6) “Membership stock" means any class of stock, continuous ownership of which is required for membership in a cooperative.

(6m) “Patronage" means business done by a patron with a cooperative and, if the bylaws provide, labor performed for a cooperative by a patron.

(7) “Security" as used in ss. 185.23 and 185.24 means any indebtedness, capital stock or other equity interest in a cooperative's assets.

History: 1979 c. 110 s. 60 (13); 1983 a. 189; 1985 a. 30; 1993 a. 482; 1995 a. 27, 417; 2017 a. 76.