§ 1220.114 National nonprofit producer-governed organization.
The term national nonprofit producer-governed organization means an organization that—
(a) Is a nonprofit organization pursuant to section 501(c) (3), (5) or (6) of the Internal Revenue Code (26 U.S.C. 501(c) (3), (5) and (6)); and
(b) Is governed by a Board of directors of agricultural producers representing soybean producers on a national basis;