As used in this chapter, unless the context otherwise requires:
(1) “Worker cooperative” means a corporation which has elected to be governed by the provisions of this chapter.
(2) “Member” means a natural person who or nonprofit organization that has been accepted for membership in, and owns a membership share issued by a worker cooperative.
(3) “Patronage” means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of organization and bylaws of that cooperative.
(4) “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of such member's patronage allocation and the terms for payment of that amount by the worker cooperative.
(5) “Nonprofit organization” means any organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.
(P.A. 84-430, S. 2, 14; P.A. 18-27, S. 1.)
History: P.A. 18-27 redesignated Subsecs. (a) to (d) as Subdivs. (1) to (4), amended redesignated Subdiv. (2) to add reference to nonprofit organization, and added Subdiv. (5) defining “nonprofit organization”.
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