North Carolina General Statutes 54-130. Definitions and nature
As used in this Subchapter-
(1) Agricultural Products. – The term “agricultural products” shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee, and any farm products.
Terms Used In North Carolina General Statutes 54-130
- 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.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
(2) Association. – The term “association” means
a. Any corporation organized under this Subchapter; or
b. Any foreign corporation which
1. Is organized under any general or special act of another state or the District of Columbia as a cooperative association for the mutual benefit of its members and other patrons,
2. Confines its operations in this State to the purposes specified in, and restricts the return on the stock or membership capital and the amount of its business with nonmembers to the limits placed thereon by, this Subchapter for corporations organized hereunder, and
3. Is authorized to transact business in this State pursuant to N.C. Gen. Stat. § 54-139
(3) Charter. – The term “charter” includes the original articles of incorporation, together with all amendments thereto and articles of merger or consolidation.
(4) Member. – The term “member” shall include actual members of associations without capital stock and holders of stock in associations organized with capital stock.
(5) Person. – The term “person” shall include individuals, firms, partnerships, corporations, and associations.
Associations organized or domesticated hereunder shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves, as such, or for their members, as such, but only for their members as producers.
This Subchapter shall be referred to as the “Cooperative Marketing Act.” (1921, c. 87, s. 2; C.S., s. 5259(b); 1935, c. 436, s. 1; 1963, c. 1168, ss. 1-3.)