23.78.010 - Definitions. - Washington Statutes

Definitions.

For the purposes of this chapter, the terms defined in this section have the meanings given:

     (1) "Employee cooperative" means a corporation that has elected to be governed by the provisions of this chapter.

     (2) "Member" means a natural person who has been accepted for membership in, and owns a membership share issued by an employee cooperative.

     (3) "Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation and bylaws.

     (4) "Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of the member's patronage allocation, and the terms for payment of that amount by the employee cooperative.

[1987 c 457 § 2.]