22-2602. DEFINITIONS — SHORT TITLE. As used in this chapter:

a. The term "agricultural products" shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee and any farm products;

b. The term "member" shall include actual members of associations without capital stock and holders of common stock in associations organized with capital stock;

c. The term "association" means any corporation organized under this chapter; and

d. The term "person" shall include individuals, firms, partnerships, corporations and associations.

Associations organized hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves, as such, or for their members, as such, but only for their members as producers.

Any instrument, or interest, which (a) qualifies its holder to be a member or patron of an association, or; (b) represents a patronage refund or other patronage allocation, which is part of a class issuable only to persons who deal in agricultural products or commodities with or obtain services from the association; or (c) represents the terms or conditions by which members or patrons purchase or sell agricultural products or commodities from, to, or through the association, (including any property right or interest in any arrangement to purchase or sell agricultural products, commodities or supplies between the association and its members or patrons) shall not be considered to be a security as used in title 30, chapter 14, Idaho Code, and shall not be subject to the provisions of said chapter.

The foregoing shall apply to any association operating as an agricultural cooperative, which is qualified to do business in the state of Idaho as an agricultural marketing association, and which possesses no greater powers than those provided such an association under this chapter.

This chapter shall be referred to as the "Cooperative Marketing Act."

History:

[(22-2602) 1921, ch. 124, sec. 2, p. 298; I.C.A., sec. 22-2002; am. 1976, ch. 41, sec. 1, p. 89.]