Section 1972 - DefinitionsAs 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).]