§ 110. Declaration of policy. It is the declared policy of this state to promote the effective production and merchandising of agricultural commodities by providing the means by which farmers may act together in manufacturing, processing, preparing for market, handling and/or marketing their farm products and by enabling farmers to act together in purchasing, testing, […]
§ 111. Definitions. For the purposes of this article: (a) the term “agricultural cooperative” means a cooperative, either stock or non-stock, operated for the mutual benefit of the members in which (1) no member is allowed more than one vote because of the amount of stock or membership capital he or she may own therein, […]
§ 112. Incorporation. Five or more producers of agricultural products may form a cooperative agricultural corporation with or without capital stock, under this article. If the principal activities of such a corporation are connected with the marketing, processing, manufacture, sale or other dispositions of agricultural products, agricultural waste product, or agricultural compost including the capture […]
§ 113. Reserves. In addition to reserves for depreciation, depletion, obsolescence and bad debts, agricultural cooperatives shall create and maintain minimum general purpose reserves. Such reserves shall be set aside periodically until or unless they total an aggregate minimum amount computed in accordance with one of the following optional methods. The aggregate minimum amount of […]
