As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.

1. 1. Employee cooperative "Employee cooperative" means a corporation which has duly elected to be governed by this subchapter.

   [PL 1983, c. 136 (NEW).]

2. 2. Member "Member" means a natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative.

   [PL 1983, c. 136 (NEW).]

3. 3. Membership fee "Membership fee" means an initial payment made by a person to an employee cooperative as a condition to becoming a member.

   [PL 1983, c. 136 (NEW).]

4. 4. Patronage "Patronage" means the amount of work performed as a member of an employee cooperative, measured in accordance with the articles of incorporation or bylaws.

   [PL 1983, c. 136 (NEW).]

5. 5. Written notice of allocation "Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of that member's patronage allocation and the terms for payment of that amount by the employee cooperative.

   [PL 1983, c. 136 (NEW).]

PL 1983, c. 136 (NEW).