{"data":{"id":"us-ky/krs-272.010","jurisdiction":"us-ky","citation":"KRS 272.010","heading":"Definitions.","body":"(1) As used in KRS 272.020 to 272.044:\n(a) \"Cooperative corporation\" means a business concern that distributes the net\nprofit of its business by first paying a fixed dividend upon its stock, if any, and\nthen prorating the remainder of its profits as patronage refunds to its\nstockholders, members or customers, as provided in bylaws;\n(b) \"Patronage refund\" means the portion of net profit returned to member patrons\nor to all patrons in proportion to their patronage. In the case of an employee\ncooperative in which only employees are voting members, \"pat ronage\" means\nthe amount or value of work performed by an employee, as provided in\nbylaws;\n(c) \"Stockholder\" means the holder of voting stock in a cooperative corporation\norganized with shares;\n(d) \"Member\" means the holder of a membership in a cooperative  corporation\norganized with memberships;\n(e) \"Membership\" means a lifetime payment made to a cooperative corporation to\nsecure or provide services, not made in expectation of dividend or profit, and\nwithout any redemption value except at time of dissolutio n. The articles of\nincorporation or bylaws may specify the conditions under which a\nmembership may be terminated;\n(f) \"Nonprofit basis\" means that no part of the income or profit of the cooperative\ncorporation is distributable to its members, directors or officers except in the\nform of patronage refunds;\n(g) \"Entity\" includes a domestic or foreign corporation and corporation; not -for-\nprofit corporation; profit and not -for-profit unincorporated association;\nbusiness or statutory trust; estate; partnership; l imited partnership; limited\nliability company; trust; two (2) or more persons having a joint or common\neconomic interest; and state, United States, and foreign government;\n(h) \"Name of record with the Secretary of State\" means any real, fictitious,\nreserved, registered, or assumed name of a business entity; and\n(i) \"Real name\" shall have the meaning set forth in KRS 365.015.\n(2) As used in KRS 272.360 to 272.510, unless the content for such requires otherwise,\nthe term:\n(a) \"Livestock\" shall mean sheep, cat tle, hogs, horses, jacks, mules, poultry, or\nany other animal or bird commonly kept on the farm;\n(b) \"Farmer\" shall mean any individual, firm, partnership, limited partnership,\nlimited liability company, corporation, or farm management group which\nderives a portion or all of its income from the production of live stock\ndomiciled on a farm within the Commonwealth;\n(c) \"Member\" shall include actual members of the association organized under\nKRS 272.360 to 272.510;\n(d) \"Association\" means any corporation organized under KRS 272.360 to\n272.510; and\n(e) \"Department\" shall mean the Department of Agriculture.\n(3) Associations organized under KRS 272.360 to 272.510 shall be termed nonprofit\ninasmuch as they are not organized to make profit for themselves.","path":["KRS Chapter 272"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=36661","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:20Z","sha256":"44081e965d57a4477bd8b5ade9118d4e9ee9c03e2b511feeaccf46f2bd4325ac","source_id":"us-ky","stale":false,"prev":"us-ky/krs-271b.8-580","next":"us-ky/krs-272.011"},"notice":"GroundRules: Original legal text. Not legal advice."}