Sec. 34. (a) An association and its members may make and execute marketing contracts requiring the members to sell, for any period that is not more than ten (10) years:
(1) all or any specified part of the members' agricultural products; or
(2) specified commodities;
exclusively to or through the association or any facilities to be created by the association.
(b) If a member contracts a sale to the association, it shall be conclusively held that title to the products passes absolutely and unreservedly, except for recorded liens, to the association:
(1) upon delivery; or
(2) at any other specified time, if expressly and definitely agreed in the contract.
(c) A contract authorized under this section may provide that the association may:
(1) sell or resell the products delivered by the association's members, with or without taking title to the products; and
(2) pay over to the association's members the resale price, with or without pooling, actual or proportionate, after deducting all necessary selling, overhead, and other costs and expenses, including:
(A) interest on preferred stock, not exceeding eight percent (8%) per year;
(B) reserves for retiring the stock, if any;
(C) other proper reserves;
(D) interest not exceeding eight percent (8%) per year on common stock; and
(E) any other deductions specified in the contract.
[Pre-2008 Recodification Citation: 15-7-1-15.]
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