272.1001 Definition of terms in KRS 272.101 to 272.341.

343 words·~2 min read·/ky/chapter-272/272-1001

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in KRS 272.101 to 272.341, unless the context otherwise requires:

(1)"Agricultural products" includes horticultural, viticultural, floricultural, forestry,

dairy, livestock, poultry, bee and any farm products;

(2)"Association" means a corporation organized under, or entitled to the benefits of,

KRS 272.121 to 272.341 or a corporation which is organized under any general or

special act of this state. Such an association shall be classed as and deemed to be a

nonprofit corporation, since its primary object is not to make profits for itself, as

such, or to pay dividends or invest its capital, but to provide service and a means

whereby its members may have the economic advantage of cooperative action,

including a reasonable and fair return for their products or service;

(3)"Member" means the holder of a membership in an association without capital stock

(whether evidenced by a certificate of membership or other means of identification,

including but not limited to the association's records) or means the holder of voting

stock in an association organized with capital stock;

(4)"Board" means the board of directors of the association;

(5)"Person" includes individuals, firms, partnerships, corporations, and associations;

(6)"Foreign association" means a corporation organized under any general or special

act of another state, the United States, or the District of Columbia as a cooperative

corporation or association for the mutual benefit of its members and other patrons,

and which confines its operations to the purposes specified in the cooperative

corporation statutes of the jurisdiction of its incorporation, and restricts the return

on stock or membership capital, and the amount of its business with nonmembers to

the limits placed thereon by the cooperative corporation statutes of the jurisdiction

of its incorporation;

(7)"Corporation" means, except as used in subsections

(2)and

(6)of this section, a

corporation for profit organized under any general or special act of this state or of

another state, the United States, or the District of Columbia; and

(8)"Member-association" means an association or foreign association which is a

member of another association or foreign association.