2015 Revised Code of Washington
Title 23 - CORPORATIONS AND ASSOCIATIONS (PROFIT)(Business Corporation Act: See Title 23B RCW)
23.78 Employee cooperative corporations.
23.78.010 Definitions.
RCW 23.78.010 Definitions.
For the purposes of this chapter, the terms defined in this section have the meanings given:
(1) "Employee cooperative" means a corporation that has elected to be governed by the provisions of this chapter.
(2) "Member" means a natural person who has been accepted for membership in, and owns a membership share issued by an employee cooperative.
(3) "Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation and bylaws.
(4) "Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of the member's patronage allocation, and the terms for payment of that amount by the employee cooperative.
[1987 c 457 ยง 2.]
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