§ 23.78.010. Definitions
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 § 2.]
Sections: 23.78.010 23.78.020 23.78.030 23.78.040 23.78.050 23.78.060 23.78.070 23.78.080 23.78.090 23.78.100 23.78.900 23.78.902 NextLast modified: April 7, 2009