§ 54-130. Definitions and nature. - North Carolina Statutes

§54‑130.  Definitions and nature.

As used in this Subchapter–

(1)        AgriculturalProducts. – The term "agricultural products" shall includehorticultural, viticultural, forestry, dairy, livestock, poultry, bee, and anyfarm products.

(2)        Association. – The term"association" means

a.         Any corporationorganized under this Subchapter; or

b.         Any foreigncorporation which

1.         Is organized underany general or special act of another state or the District of Columbia as acooperative association for the mutual benefit of its members and otherpatrons,

2.         Confines itsoperations in this State to the purposes specified in, and restricts the returnon the stock or membership capital and the amount of its business withnonmembers to the limits placed thereon by, this Subchapter for corporationsorganized hereunder, and

3.         Is authorized totransact business in this State pursuant to G.S. 54‑139.

(3)        Charter. – The term"charter" includes the original articles of incorporation, togetherwith all amendments thereto and articles of merger or consolidation.

(4)        Member. – The term"member" shall include actual members of  associations withoutcapital stock and holders of stock in associations organized with capitalstock.

(5)        Person. – The term"person" shall include individuals, firms, partnerships,corporations, and associations.

Associations organized ordomesticated hereunder shall be deemed  nonprofit, inasmuch as they are notorganized to make profits for themselves, as such, or for their members, assuch, but only for their members as producers.

This Subchapter shall bereferred to as the "Cooperative Marketing  Act." (1921,c. 87, s. 2; C.S., s. 5259(b); 1935, c. 436, s. 1; 1963, c. 1168, ss. 1‑3.)