Cooperatives are incorporated under state statutes.
Attorney Carolyn Eselgroth, Barrett, Easterday, Cunningham & Eselgroth, LLP., shares insight on cooperative statutes.
Statute. An act of a legislature that declares, proscribes, or commands something; a specific law, expressed in writing. A statute is a written law passed by a legislature on the state or federal level. Statutes set forth general propositions of law that courts apply to specific situations.
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. … Statutes are rules made by legislative bodies; they are distinguished from case law or precedent, which is decided by courts, and regulations issued by government agencies.