§ 111. Definitions. For the purposes of this article: (a) the term "agricultural cooperative" means a cooperative, either stock or non-stock, operated for the mutual benefit of the members in which (1) no member is allowed more than one vote because of the amount of stock or membership capital he or she may own therein, and (2) the cooperative does not pay dividends on stock or membership capital in excess of twelve per centum per annum, and (3) the cooperative does not deal in farm products, agricultural waste products or agricultural compost, farm supplies, farm business services and the capture of methane and other gases for the generation and use or sale of energy, as defined in section 1-103 of the energy law with or for non-members in an amount greater in value than the total amount of such business transacted by it with or for members. Only persons engaged in the production of agricultural products, or cooperative corporations of such producers organized under the laws of this or any other state, shall be eligible for membership in any agricultural marketing or purchasing corporation formed or operated under the provisions of this article. The terms and conditions of membership shall be prescribed in the by-laws. The board of directors shall be chosen at the time and place and for terms fixed by the by-laws, but at least one-fourth of the directors must be elected annually. The by-laws may provide for their amendment by the board of directors; but any amendment adopted by the board which affects the preferential rights or obligations of the members or stockholders shall be reported to the next annual meeting of the corporation, and if not affirmatively approved thereat shall cease to be in effect. Such by-laws reported to the annual meeting may be adopted, repealed or amended on the affirmative vote of two-thirds of the members, stockholders or delegates voting thereon at a meeting held after due written notice setting forth the proposed action and the purpose of the meeting.

(b) The term "agricultural products" shall mean horticultural, viticultural, dairy, livestock, poultry, bee and any other farm products.

(c) The terms "feed", "food", and "food products" mean any substance, capable of human, animal or poultry consumption, whether simple, mixed or compound, and all substances or ingredients added to food for such purpose.

(d) The term "agricultural waste products" means livestock manure and crop residues.

(e) The term "agricultural compost" means organic waste derived principally from farm operations and which has been subjected to aerobic, thermophilic decomposition to produce a stable, humus-like material.