3-1-2 - Definitions.
3-1-2. Definitions.
As used in this act, unless the context or subject matter requires otherwise:
(1) "Agricultural products" includes floricultural, horticultural, viticultural, forestry, nut,seed, ground stock, dairy, livestock, poultry, bee and any and all farm products.
(2) "Articles" means the articles of incorporation.
(3) "Association" means a corporation organized under this act, or a similar domesticcorporation, or a foreign association or corporation if authorized to do business in this state,organized under any general or special act as a cooperative association for the mutual benefit ofits members, as agricultural producers, and which confines its operation to purposes authorizedby this act and restricts the return on the stock or membership capital and the amount of itsbusiness with nonmembers to the limits placed thereon by this act for associations organizedhereunder.
(4) "Board" means the board of directors.
(5) "Domestic associations" means an association or corporation formed under the lawsof this state.
(6) "Foreign association" means an association or corporation not formed under the lawsof this state.
(7) "Member" includes the holder of a membership of which there shall be but one class,in an association without stock and the holder of common stock in an association organized withstock.
(8) "Person" includes an individual, a partnership, a corporation and an association.
(9) "Producer" means a person who produces agricultural products, or an association ofsuch persons.
(10) (a) "This act" means the "Uniform Agricultural Cooperative Association Act."
(b) Associations shall be classified as and deemed to be nonprofit corporations, inasmuchas their primary object is not to pay dividends on invested capital, but to render service andprovide means and facilities by or through which the producers of agricultural products mayreceive a reasonable and fair return for their products.
Amended by Chapter 324, 2010 General Session