2013 Maine Revised Statutes
TITLE 13: CORPORATIONS
Chapter 85: COOPERATIVES
13 §1972. Definitions
Part 2: CORPORATIONS WITHOUT CAPITAL
Subchapter 3: EMPLOYEE COOPERATIVE CORPORATIONS
1972. Definitions
As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [1983, c. 136, (NEW).]
1. Employee cooperative. "Employee cooperative" means a corporation which has duly elected to be governed by this subchapter.
[ 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.
[ 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.
[ 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.
[ 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.
[ 1983, c. 136, (NEW) .]
SECTION HISTORY
1983, c. 136, (NEW).
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