Section 23-15-12-2 - "Cooperative entity" As used in this chapter, "cooperative entity" means a business entity subject to this chapter that is:
(1) a cooperatively owned entity organized under the laws of another state or federal law; or(2) a business entity: (A) in which the members are buyers of goods or services from, or sellers of goods or services to, the entity;(B) that is characterized as being democratically governed;(C) that distributes profits or surpluses on the basis of use rather than on the basis of capital contributions or ownership; and(D) that pays a limited return of less than eight percent (8%) on preferred equity.Added by P.L. 97-2017,SEC. 3, eff. 7/1/2017.