There is a newer version
of
this Section
2018 Indiana Code
TITLE 23. Business and other Associations
ARTICLE 15. MISCELLANEOUS PROVISIONS
CHAPTER 12. Use of Cooperative in Business Entity Name or Marketing Materials
23-15-12-2. "Cooperative entity"
Universal Citation: IN Code § 23-15-12-2 (2018)
IC 23-15-12-2 "Cooperative entity"
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.
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
