As used in this chapter, the following words and terms have the following meaning: (1) 'Member' means a natural person who has been accepted in and owns a membership share issued by a workers’ cooperative. (2) 'Paid-in capital' means money or other property contributed by a member to a workers’ cooperative that is exclusive of any membership fee. (3) 'Patronage' means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws. (4) 'Person' means an individual, a partnership, a corporation, an association, or two (2) or more persons having a joint or common interest. (5) 'Workers’ cooperative' means a corporation that has elected to be governed by the provisions of this chapter. (6) 'Written notice of allocation' means the amount of work performed as a member of a workers’ cooperative that is measured in accordance with the certificate of incorporation and bylaws. History of Section.P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.
Rhode Island Legal Code