2006 Kentucky Revised Statutes - .010   Definitions.

272.010 Definitions. (1) As used in KRS 272.020 to 272.050: (a)  "Cooperative corporation" means a business concern that distributes the net profit of its business by first paying a fixed dividend upon its stock, if any, and then prorating the remainder of its profits as patronage refunds to its stockholders, members or customers, as provided in bylaws; (b)  "Patronage refund" means the portion of net profit returned to member patrons or to all patrons in proportion to their patronage. In the case of an employee cooperative in which only employees are voting members, "patronage" means the amount or value of work performed by an employee, as provided in bylaws; (c)  "Stockholder" means the holder of voting stock in a cooperative corporation organized with shares; (d)  "Member" means the holder of a membership in a cooperative corporation organized with memberships; (e)  "Membership" means a lifetime payment made to a cooperative corporation to secure or provide services, not made in expectation of dividend or profit, and without any redemption value except at time of dissolution. The articles of incorporation or bylaws may specify the conditions under which a membership may be terminated; and (f)  "Nonprofit basis" means that no part of the income or profit of the cooperative corporation is distributable to its members, directors or officers except in the form of patronage refunds. (2) As used in KRS 272.360 to 272.510, unless the content for such requires otherwise, the term: (a)  "Livestock" shall mean sheep, cattle, hogs, horses, jacks, mules, poultry or any other animal or bird commonly kept on the farm; (b)  "Farmer" shall mean any individual, firm, partnership, corporation or farm management group which derives a portion or all of its income from the production of live stock domiciled on a farm within the Commonwealth; (c)  "Member" shall include actual members of the association organized under KRS 272.360 to 272.510; (d)  "Association" means any corporation organized under KRS 272.360 to 272.510; and (e)  "Department" shall mean the Department of Agriculture. (3) Associations organized under KRS 272.360 to 272.510 shall be termed nonprofit inasmuch as they are not organized to make profit for themselves. Effective: July 15, 1986 History: Amended 1986 Ky. Acts ch. 393, sec. 1, effective July 15, 1986. -- Amended 1966 Ky. Acts ch. 208, sec. 36. -- Amended 1942 Ky. Acts ch. 88, sec. 2. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 883d-1, 883f-2.