Pennsylvania Statutes Title 15 Pa.C.S.A. Corporations and Unincorporated Associations § 7702. Definitions

The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

“Corporation.”  A corporation for profit which has elected to be governed by this chapter.

“Member.”  An individual who patronizes a corporation by the contribution of labor and who has been accepted for membership in and owns a membership share issued by the corporation.

“Patronage.”  The number of hours of work performed as a member of a corporation.

“Patronage allocation.”  The share of net earnings or losses with respect to a period of time paid or credited to a member on the basis of the ratio which the member's patronage during the period involved bears to total patronage by all members during that period.

“Written notice of allocation.”  A written instrument which discloses to a member the stated dollar amount of the member's patronage allocation and the terms of payment of that amount by the corporation.