Indiana Code
Chapter 1. Agricultural Cooperatives
15-12-1-11. Association; Membership; Issuance of Stock

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

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"

15-12-1-4. "Association"

15-12-1-5. "Member"

15-12-1-6. "Person"

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

15-12-1-14. Association; Merging, Consolidating, or Dissolving Association; Amending 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