193.005 Definitions. Unless the context requires otherwise, in this chapter:

(2) “Address" means mailing address and, in the case of a registered address, means the mailing address and the actual office location, which may not be a post office box.

(2m) “Affiliate," when used in reference to any person, means another person who controls, is controlled by, or is under common control with the person.

(3) “Alternative Ballot" means a method of voting, prescribed by the board in advance of the vote, that permits a vote to be cast electronically, telephonically, via the Internet, or by any similar means which reasonably allows members the opportunity to vote.

(3m) “Allocation unit" means a separate business unit of a cooperative.

(4) “Articles" means the articles of organization of a cooperative.

(5) “Association" means an organization conducting business on a cooperative plan under the laws of any state.

(6) “Board" means the board of directors of a cooperative.

(7) “Business entity" means a cooperative, corporation, limited liability company, association, firm, or partnership operated for profit and organized under a law other than a law of this state.

(9) “Cooperative" means an association organized under this chapter conducting business on a cooperative plan as provided under this chapter.

(9m) “Department" means the department of financial institutions.

(10) “Domestic business entity" means a business entity organized under the laws of this state.

(11m) “Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(11p) “Electronic signature" means an electronic sound, symbol, or process, attached to or logically associated with a writing and executed or adopted by a person with intent to authenticate the writing.

(12) “File with the department" means to deliver to the department a document meeting the applicable requirements of this chapter, signed and accompanied by any required filing fee.

(13) “Foreign business entity" means a business entity that is organized under the laws of another state or the United States.

(14) “Foreign cooperative" means a foreign business entity organized to conduct business on a cooperative plan consistent with this chapter or ch. 185.

(15) “Member" means a person reflected on the books of the cooperative as the owner of governance rights of a membership interest of the cooperative. The term includes patron and nonpatron members.

(16) “Membership interest" means a member's interest in a cooperative, consisting of a member's financial rights, a member's right to assign financial rights, a member's governance rights, and a member's right to assign governance rights. The term includes patron membership interests and nonpatron membership interests.

(17) “Members' meeting" means a regular or special members' meeting.

(18) “Nonpatron member" means a member who holds a nonpatron membership interest.

(19) “Nonpatron membership interest" means a membership interest that does not require the holder to conduct patronage business for or with the cooperative to receive financial rights or distributions.

(20) “Patron" means a person or entity who conducts patronage with the cooperative.

(21) “Patronage" means transactions or services done for or with a cooperative as defined by the cooperative.

(22) “Patron member" means a member holding a patron membership interest.

(23) “Patron membership interest" means a membership interest requiring the holder to conduct patronage for or with the cooperative, as specified by the cooperative, to receive financial rights or distributions.

(24) “Sign" means to execute or adopt a manual, facsimile, conformed, or electronic signature or any symbol with intent to authenticate a writing and, with respect to a document required under this chapter to be filed with the department, with authority to do so under this chapter and under the articles, bylaws, or a resolution approved by the directors or members.

(25) “Writing" means information that is inscribed on a tangible medium or that is stored in an electronic or other intangible medium and is retrievable in perceivable form.

History: 2005 a. 441.