In this chapter:
(1) "Acquire" means and includes construct, acquire by purchase, lease, devise, or gift, or other mode of acquisition.
(2) "Board" means the board of directors of an electric cooperative.
(3) "Central station service" means electric service provided by a municipally owned electric system or by an electric corporation described by Subchapter A, Chapter 181.
(4) "Electric cooperative" means a corporation that is organized under this chapter or that becomes subject to this chapter as provided by this chapter.
(5) "Member" means:
(A) an incorporator of an electric cooperative; or
(B) a person admitted to membership in the electric cooperative as provided by Section 161.065.
(6) "Obligation" includes a bond, note, debenture, interim certificate or receipt, or other evidence of indebtedness issued by an electric cooperative.
(7) "Rural area" means an area, including both farm and nonfarm population of the area, that is not located in:
(A) a municipality having a population greater than 1,500; or
(B) an unincorporated city, town, village, or borough having a population greater than 1,500.