Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-11-1.02.htm |
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Depth: | 0 singles |
Size: | 1,796 bytes |
Modified: | 2011-01-17 15:32:14 |
Categories: | -None- |
Title: | 10A-11-1.02 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-11-1.02 Definitions. As used in this chapter, the following words shall have the following meanings: (1) COLLECTIVE RESERVE ACCOUNT. An internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative. (2) EMPLOYEE COOPERATIVE. A corporation which has elected to be governed by this chapter. (3) INTERNAL CAPITAL ACCOUNT COOPERATIVE. An employee cooperative governed in accordance with Section 10A-11-1.11. (4) INTERNAL CAPITAL ACCOUNTS. A system of accounts on the books of an employee cooperative that reflects the book value of the corporation. (5) MEMBER. A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. (6) MEMBERSHIP FEE. The consideration paid for a membership share. (7) MEMBERSHIP SHARE. A single share of voting stock issued to each member of a worker cooperative as evidence of membership. (8) PATRONAGE. The amount of work performed as a member of an employee cooperative, measured in accordance with the governing documents. (9) WRITTEN NOTICE OF ALLOCATION. A written statement 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. (Act 97-949, p. 524, §2; §10-14-2; amended and renumbered by Act 2009-513, p. 967, §312.) |