RS 3:711 Definitions
PART VII. AGRICULTURE COMMODITY MARKETING LAW
§711. Definitions
(1) "Commodity" shall mean rice, dry or green.
(2) "Grower" shall mean the contracting party who offers a commodity for sale for the first time, but shall not include a cooperative association offering to sell a commodity on a consignment or membership basis.
(3) "First purchaser" means the contracting party which contracts for the initial purchase of the commodity from the grower.
(4) "Fixed price contract" means written contracts, customarily referred to as "forward" or "booking" contracts, and which provide for the payment of a price set in advance of delivery by a grower of such commodity to the first purchaser, but does not include future contracts for sales through licensed boards of trade or cooperative marketing agreements.
(5) "Cooperative marketing agreement" means an agreement between a cooperative and a grower (whether or not such grower is a member of said cooperative) providing for payment to the grower of such grower's proportionate part of net proceeds of any pool or similar classification to which his commodity is assigned by the cooperative.
(6) "Net proceeds" means, in the case of a cooperative marketing agreement, that portion of the proceeds realized by a cooperative upon the sale of commodity assigned to a particular pool or similar classification of commodities less all costs, expenses, outlays (other than for capital purposes) made or incurred and directly attributable to the commodity in each such pool or classification, and all general overhead, maintenance, operating expenses and outlays (other than for capital purposes) of every kind and character equitably charged to the pool in accordance with generally accepted accounting principles.
(7) "Grower's proportionate part of net proceeds" means, as to any particular lot of a commodity delivered by a grower to a cooperative under the terms of cooperative marketing agreement, his proportionate part of the net proceeds of the pool or other similar classification of commodities to which such lot was assigned by the cooperative, based on adjustment for quantity, milling yield, quality analysis and such other factors as may be determined to be equitable by the board of directors and less the face amount of any patronage, qualified notices of allocation, or qualified per-unit retain certificates issued to such grower.
(8) "Cooperative" means a cooperative association as that term is defined in the Agricultural Marketing Act of 1929, 12 U.S.C. §1141(a).
Added by Acts 1977, No. 24, §1.