MS SB2758

Establishes comprehensive framework for incorporating cooperative associations in Mississippi, requiring five or more adults (at least one resident) to form a cooperative for any lawful purpose except banking, insurance, and public railroads

Limits stock dividends to 6% of par value annually and restricts promotion expenses to 5% of paid-up capital; cooperatives must distribute net proceeds to member-patrons based on their patronage ratio at least once annually

Requires one-member-one-vote structure for individual members, with limited exceptions allowing member associations additional votes based on their membership numbers

Sets minimum board size of five directors (or three for cooperatives with fewer than 50 members), requires annual reports to the Secretary of State, and establishes filing fees ranging from $25 to $50 for various documents

Restricts use of the term "cooperative" to associations organized under this act or credit unions, with daily fines of up to $100 for improper use; contracts between cooperatives and members are limited to five-year terms with renewal options