Connecticut General Statutes 33-418g – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In Connecticut General Statutes 33-418g
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Member: means a natural person who or nonprofit organization that has been accepted for membership in, and owns a membership share issued by a worker cooperative. See Connecticut General Statutes 33-418g
- Nonprofit organization: means any organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time. See Connecticut General Statutes 33-418g
- Patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of organization and bylaws of that cooperative. See Connecticut General Statutes 33-418g
- Worker cooperative: means a corporation which has elected to be governed by the provisions of this chapter. See Connecticut General Statutes 33-418g
(1) “Worker cooperative” means a corporation which has elected to be governed by the provisions of this chapter.
(2) “Member” means a natural person who or nonprofit organization that has been accepted for membership in, and owns a membership share issued by a worker cooperative.
(3) “Patronage” means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of organization and bylaws of that cooperative.
(4) “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of such member’s patronage allocation and the terms for payment of that amount by the worker cooperative.
(5) “Nonprofit organization” means any organization that is exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.