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501.101 Definitions.

As used in this chapter, unless the context requires otherwise:

1. "Articles" means the cooperative's articles of incorporation.

2. "Authorized person" means a person who is one of the following:

a. A farming entity.

b. An individual or general partnership that owns land and receives as rent a share of the crops or the animals raised on the land if those crops or animals are a significant component of the cooperative's business operations.

c. An employee of the cooperative who performs at least one thousand hours of service for the cooperative in each calendar year.

3. "Board" means the cooperative's board of directors.

4. "Cooperative" means a cooperative corporation organized under this chapter or converted to this chapter pursuant to section 501.601.

5. "Farming" means the same as defined in section 9H.1.

6. "Farming entity" means any one of the following:

a. A natural person or a fiduciary for a natural person who regularly participates in physical labor or operations management in a farming operation and files schedule F as part of the person's annual form 1040 or form 1041 filing with the United States internal revenue service.

b. A family farm corporation, family farm limited liability company, family farm limited partnership, or family trust, as defined in section 9H.1.

7. "Member" means a person who owns voting stock in a cooperative.

8. "Shareholder" means a person who owns stock in a cooperative, whether or not that stock has voting rights.

9. "Voting stock" means stock in a cooperative that has voting rights.

Section History: Recent form

96 Acts, ch 1010, §3

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