§421C-1 Definitions. Except where the context requires otherwise, wherever used in this chapter: “Articles” means the articles of incorporation. “Association” means a consumer cooperative association. “Consumer cooperative association” means a group enterprise, organized on a cooperative basis and incorporated under this chapter such that: (1) Each member has one vote and only one vote, except […]
§421C-2 Purpose. An association may be incorporated under this chapter only for the purpose of transacting any lawful business for its membership, the general public, or both. [L 1982, c 97, pt of §2]
§421C-3 Stock and nonstock associations; general corporation laws, when applicable. (a) An association may either be organized with stock or without stock. Subject to section 421C-20, if organized with stock, the association shall require a certain amount of common stock to be purchased from the association in order to permit a stockholder voting and membership […]
