15 Pa. C.S. § 7702

Current through P.A. Acts 2023-66
Section 7702 - Definitions

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Bureau." [Deleted by 2014 Amendment.]

"Corporation." A corporation for profit which has elected to be governed by this chapter.

"Member." An individual who patronizes a corporation by the contribution of labor and who has been accepted for membership in and owns a membership share issued by the corporation.

"Patronage." The number of hours of work performed as a member of a corporation.

"Patronage allocation." The share of net earnings or losses with respect to a period of time paid or credited to a member on the basis of the ratio which the member's patronage during the period involved bears to total patronage by all members during that period.

"Written notice of allocation." A written instrument which discloses to a member the stated dollar amount of the member's patronage allocation and the terms of payment of that amount by the corporation.

15 Pa.C.S. § 7702

Amended by P.L. 2639 2014 No. 172, § 44, eff. 7/1/2015.
1988, Dec. 21, P.L. 1444, No. 177, §103, effective in 180 days. Renumbered from 15 Pa.C.S. § 7701by Act 1990, Dec. 19, P.L. 834, No. 198, § 102, imd. effective.