618.01 Definitions.
172 words·~1 min read·
/fl/title-xxxvi/chapter-618/618-01A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In construing this chapter, where the context permits, the word, phrase, or term:
(1)“Agricultural products” shall include aquacultural, horticultural, viticultural, forestry, aquatic, dairy, livestock, poultry, bee, and any farm products.
(2)“Member” shall include actual members of associations without capital stock and holders of common stock in associations organized with capital stock.
(3)“Association” means any corporation organized as a cooperative association, for the mutual benefit of its members either as producers of agricultural products or as nonprofit cooperative organizations of producers of agricultural products, or both, and in which the return on the stock or membership capital is limited to an amount not to exceed 8 percent per annum, and in which during any fiscal year thereof the value of business done with nonmembers shall not exceed the business done with members during the same period.
(4)Associations organized hereunder shall be deemed “nonprofit,” inasmuch as they are not organized to make profit for themselves, as such, or for their members, as such, but only for their members as producers.