Code · Washington · Title 23 — Corporations and Associations (Profit) (Business Corporation Act: See Title 23b Rcw) · Chapter 23.78

RCW 23.78.010

124 words·~1 min read·/wa/title-23/chapter-23-78/23-78-010·

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

For the purposes of this chapter, the terms defined in this section have the meanings given:

(1)"Employee cooperative" means a corporation that has elected to be governed by the provisions of this chapter.

(2)"Member" means a natural person who has been accepted for membership in, and owns a membership share issued by an employee cooperative.

(3)"Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation and bylaws.

(4)"Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of the member's patronage allocation, and the terms for payment of that amount by the employee cooperative.

[ 1987 c 457 s 2 .]