(a) The purposes of this subchapter are to provide for: (1) The formation and operation of agricultural cooperative associations; and(2) The rights, powers, liabilities, and duties of cooperative associations.(b) Associations organized under this subchapter shall be deemed to be nonprofit, inasmuch as they are not organized for the purpose of making profits for themselves or for their members as proprietors, but only for their members as patrons and employees of the associations.Acts 1939, No. 153, § 1; A.S.A. 1947, § 77-1001.
Arkansas Legal Code