§ 5-503. Who may incorporate; capital stock

   (a) Who may incorporate. -- A cooperative may be organized by:

   (1) Five or more adult individuals acting as incorporators, at least two of whom are residents of the State and each of whom is engaged in:

      (i) The production of agricultural products as a farmer, planter, rancher, dairyman, bee keeper, or nut or fruit grower; or

      (ii) The catching, taking, harvesting, cultivating, farming, propagating, processing, marketing, or distributing of fishery products, including fish, shellfish, crustacea, seaweed, and other aquatic forms of animal and vegetable life or their products or by-products; or

   (2) Two or more cooperatives acting as incorporators.

(b) Incorporation permitted with or without capital stock. -- The cooperative may be organized with or without capital stock for any of the purposes enumerated in this subtitle.

HISTORY: An. Code 1957, art. 23, § 351; 1975, ch. 311, § 2.