N.Y. Rural Electric Cooperative Law 2 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
§ 2. Definitions. As used in this chapter:
Terms Used In N.Y. Rural Electric Cooperative Law 2
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) "Cooperative" means any corporation organized under this chapter or which becomes subject to this chapter in the manner hereinafter provided;
(b) "Person" means any natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or any body politic; and
(c) "Rural areas" means any area of the state not included within the boundaries of any city or village having a population in excess of twenty thousand inhabitants.