Sec. 11. (a) An association may under the terms and conditions prescribed in the bylaws adopted by the association admit as members or issue common and voting stock to any of the following:
(1) The individuals or political subdivisions of Indiana that meet the requirements of subsection (b).
(2) The associations that meet the requirements of subsection (c).
(b) To meet the requirements of this subsection, individuals or political subdivisions must be engaged in the production of agricultural products. For purposes of this section, a lessor or landlord of land used for the production of agricultural products or any individual devoting a substantial part of the individual's time to assisting others to produce agricultural products, whether employed by a farmer, an agricultural cooperative corporation, or an association, is considered to be engaged in the production of agricultural products. Except as otherwise provided in this section, the holders of common stock of an association limited by its articles of incorporation to one (1) or more particular agricultural services must be producers of agricultural products that use the articles or services to which the activities of the association are limited.
(c) An association:
(1) organized under or governed by this chapter or organized under or governed by the agricultural law of another state of the United States; or
(2) that complies with 7 U.S.C. 291 and 7 U.S.C. 292, whether incorporated in or outside the United States, and with acts amendatory or supplementary to 7 U.S.C. 291 and 7 U.S.C. 292;
may become a member or stockholder of any association or associations organized under this chapter. Any corporation, however organized, that is lawfully engaged in the production of agricultural products, either as owner, lessor, or lessee of land used for the production of agricultural products, may become a stockholder or member in any association that is organized under this chapter and for which more than one-half (1/2) of the value of the association's business consists of the patronage of individuals who are direct producers of agricultural products.
(d) A member of an association organized under this chapter that is not an individual may be represented by any individual authorized to do so in writing by the member.
[Pre-2008 Recodification Citation: 15-7-1-6.]
As added by P.L.2-2008, SEC.3.
Structure Indiana Code
Title 15. Agriculture and Animals
Article 12. Agricultural Assistance Organizations and Programs
Chapter 1. Agricultural Cooperatives
15-12-1-1. Purpose; Legislative Declaration
15-12-1-2. Application of Definitions in Ic 23-1
15-12-1-3. "Agricultural Products"
15-12-1-7. Associations Governed as Nonprofit Corporations
15-12-1-8. Eligibility to Form an Association
15-12-1-9. Authorized Activities
15-12-1-10. Association; Powers
15-12-1-11. Association; Membership; Issuance of Stock
15-12-1-12. Articles of Incorporation
15-12-1-13. Presentation of Articles of Incorporation
15-12-1-15. Bylaws; Adoption and Amendment; Scope
15-12-1-16. Association; Meetings; Special Meetings
15-12-1-17. Board of Directors; Management of Association
15-12-1-18. Board of Directors; Election; Terms
15-12-1-19. Board of Directors; Districts; Primary Elections
15-12-1-20. Board of Directors; Appointment
15-12-1-21. Board of Directors; Payment; Restrictions
15-12-1-22. Executive Committee; Powers
15-12-1-23. Board of Directors; Vacancies
15-12-1-24. Board of Directors; Eligibility
15-12-1-25. Board of Directors; Financial Report; Records
15-12-1-26. Extension of Credit
15-12-1-27. Election of Officers
15-12-1-28. Membership Certificates
15-12-1-29. Voting Stock; Votes; Transfer
15-12-1-30. Distribution of Dividends
15-12-1-31. Redemption of Stock
15-12-1-32. Issuance of Various Classes of Stock
15-12-1-33. Officers and Director; Charges; Removal
15-12-1-34. Marketing Contracts
15-12-1-35. Remedies for Breach of Contract
15-12-1-36. Purchase of Property or Stock in Another Entity
15-12-1-37. Biennial Report; Contents; Form; Delivery
15-12-1-38. Disclosure of Financial Condition; Offense
15-12-1-39. Application of Other Laws
15-12-1-40. Limitation on the Use of the Term "Cooperative"
15-12-1-41. Membership of Association in Other Corporations or Associations
15-12-1-42. Joint Activities With Other Associations
15-12-1-43. Vote by Existing Cooperatives for Governance Under Chapter
15-12-1-44. Breach of Marketing Contract; Penalty; Injunction
15-12-1-45. Warehouse or Elevator Operator; Breach of Marketing Contract; Penalty; Injunction
15-12-1-46. Exemption From Conspiracy and Monopoly Laws; Legality of Marketing Contracts
15-12-1-47. Application of Corporation Laws; Exceptions
15-12-1-48. Secretary of State; Fees
15-12-1-49. Foreign Cooperative Associations; Application for Admission
15-12-1-50. Foreign Cooperative Associations; Certificate of Admission
15-12-1-51. Admitted Foreign Cooperative Associations; Rights and Restrictions
15-12-1-52. Governance of Certificates of Stock and Membership