term:

Cooperative

cooperative adj

: of, relating to, or organized as a cooperative
n : an enterprise or organization (as for banking and credit services or the ownership of residential property) that is owned by and operated for the benefit of those using its services called also co-op compare condominium

Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.