As used in this chapter, the following words and terms have the following meaning: (1) “Member” means a natural person who has been accepted in and owns a membership share issued by a workers’ cooperative. (2) “Paid-in capital” means money or other property contributed by a member to a workers’ cooperative that is exclusive of any membership fee. (3) “Patronage” means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws. (4) “Person” means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest. (5) “Workers’ cooperative” means a corporation that has elected to be governed by the provisions of this chapter. (6) “Written notice of allocation” means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws.
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