Sec. 2. As used in this chapter, "cooperative entity" means a business entity subject to this chapter that is: (1) a cooperatively owned entity organized under the laws of another state or federal law; or (2) a business entity: (A) in which the members are buyers of goods or services from, or sellers of goods or services to, the entity; (B) that is characterized as being democratically governed; (C) that distributes profits or surpluses on the basis of use rather than on the basis of capital contributions or ownership; and (D) that pays a limited return of less than eight percent (8%) on preferred equity.
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