Section 81. Definitions  


Latest version.
  • As used in this article the following words shall,
      unless the  context  clearly  requires  otherwise,  have  the  following
      meanings:
        1. "Worker  cooperative,"  a  corporation  which  has  elected  to  be
      governed by the provisions of this article.
        2. "Member," a natural person who has been  accepted  in  and  owns  a
      membership share issued by a worker cooperative.
        3. "Patronage",  the  amount of work performed as a member of a worker
      cooperative,  measured   in   accordance   with   the   certificate   of
      incorporation and by-laws.
        4. "Written   notice   of  allocation",  a  written  instrument  which
      discloses to  a  member  the  stated  dollar  amount  of  such  member's
      patronage  allocation  and  the  terms  for payment of the amount by the
      worker cooperative.
        5. "Paid-in capital",  money  or  other  property,  exclusive  of  the
      membership fee, contributed by a member to a worker cooperative.