Section twelve of the same Act is hereby amended to read as follows: "SEC. 12. Definitions.
Section 3
SEC. 3. Section twelve of the same Act is hereby amended to read as follows: "SEC. 12. Definitions.—For purposes relating to the implementation of this Act, the following definitions shall apply: "(a) A farmers cooperative association shall be a voluntary business organization among farmers (producers of agricultural products including tenants and landlords) established for the purpose of marketing farm products and/or buying farm supplies and implements and basic everyday necessities collectively for the members' direct benefit. It is governed according to the cooperative principles of one-man-one vote basis, limited interest on capital and the savings apportioned among the members on the basis of patronage. "(b) The term "small farmer" shall mean an individual person who exclusively uses the labor available from within his immediate farm household in the cultivation of his holding and/or one who owns agricultural land of not more than twenty-four hectares and engages directly in its cultivation and resides in the municipality where the farm is located."