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     37-26-1.   Definition of terms. Terms used throughout this chapter unless the context plainly requires otherwise shall mean:
             (1)      "Buying club," any corporation, partnership, unincorporated association, or other business enterprise organized with the primary purpose of providing benefits to members from the cooperative purchase of services or merchandise;
             (2)      "Club," any buying club;
             (3)      "Contract," any written agreement by which one becomes a member of a club;
             (4)      "Member," any status by which any natural person is entitled to any of the benefits of a club;
             (5)      "Prepayment," any payment greater than twenty-five dollars for service, merchandise or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.

Source: SL 1975, ch 246, ยง 1.

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