A. As used in the Cooperative Marketing Association Act: 1. “Agricultural products" includes horticultural, viticultural, nut, dairy, livestock, poultry, bee, and any other farm products; 2. “Member" means, in addition to those admitted to membership in an association without capital stock, holders of common stock in associations organized with capital stock; 3. “Association" means any corporation organized pursuant to the Cooperative Marketing Association Act or any similar corporation organized under any general or special act of this or any other state as a cooperative association, for the mutual benefit of its members, as agricultural producers, in which the return on the stock or membership capital is limited to an amount not to exceed eight percent (8%) per annum, and which during any fiscal year does not deal with nonmembers' products to an amount greater in value than members' products; and 4. “Person" includes individuals, partnerships, firms, corporations, associations, trusts, estates, limited liability companies and any other legal entities recognized to do business in Oklahoma. B. Associations organized pursuant to the Cooperative Marketing Association Act shall be deemed nonprofit, inasmuch as they are not organized to make profit for themselves, nor for their members, but only for their members as producers or users of products purchased. Added by Laws 1937, p. 261, § 3. Amended by Laws 2001, c. 38, § 3, eff. Nov. 1, 2001. Renumbered from § 361b of this title by Laws 2001, c. 38, § 26, eff. Nov. 1, 2001.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.