{"data":{"id":"us-al/ala.-code-10a-11-1.02","jurisdiction":"us-al","citation":"Ala. Code § 10A-11-1.02","heading":"Definitions.","body":"As used in this chapter, the following words shall have the following meanings:\n(1) COLLECTIVE RESERVE ACCOUNT. An internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative.\n(2) EMPLOYEE COOPERATIVE. A corporation which has elected to be governed by this chapter.\n(3) INTERNAL CAPITAL ACCOUNT COOPERATIVE. An employee cooperative governed in accordance with Section 10A-11-1.11.\n(4) INTERNAL CAPITAL ACCOUNTS. A system of accounts on the books of an employee cooperative that reflects the book value of the corporation.\n(5) MEMBER. A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative.\n(6) MEMBERSHIP FEE. The consideration paid for a membership share.\n(7) MEMBERSHIP SHARE. A single share of voting stock issued to each member of a worker cooperative as evidence of membership.\n(8) PATRONAGE. The amount of work performed as a member of an employee cooperative, measured in accordance with the governing documents.\n(9) WRITTEN NOTICE OF ALLOCATION. A written statement which discloses to a member the stated dollar amount of the member’s patronage allocation and the terms for payment of that amount by the employee cooperative.","path":["Title 10A Alabama Business and Nonprofit Entities Code.","Chapter 11 Employee Cooperative Corporations."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=10A-11-1.02","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:53Z","sha256":"fc71d3be4a001b5ede7e0ea3e8c228be8d0825edf430621a5be2926be779ccce","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-10a-11-1.01","next":"us-al/ala.-code-10a-11-1.03"},"notice":"GroundRules: Original legal text. Not legal advice."}