§ 551. Definitions: construction
Unless the context otherwise requires, the definitions and general provisions set forth in this chapter govern the construction of this chapter.
§ 552. Cooperative corporation
A “cooperative corporation” means a corporation composed of ultimate producers or consumers, or both, organized for the purpose of conducting any lawful business primarily for the mutual benefit of its shareholders who may be natural or legal persons, and the earnings, savings or benefits of which are used for the general welfare of the shareholders […]
§ 553. Cooperative corporation: central organization
“Cooperative corporation” includes any central organization composed wholly or in part of cooperative corporations.
§ 554. Corporation synonyms
“Corporation”, “company”, “association”, “exchange”, “society”, “league”, “union” and “credit union” are synonyms.
§ 555. Share: shareholder
“Share” means a share of stock or a membership share, and includes “membership”. “Shareholder” means either a holder of a share of stock or a member.
§ 556. Application of general nonprofit corporation law
The provisions of chapter 3 of Title 13 of this Code, relating to nonprofit corporations, apply to cooperative corporations formed under this chapter, except when such provisions are in conflict with those of this chapter. Corporations formed under this chapter have and enjoy all rights, powers, and privileges granted generally to corporations by the laws […]
§ 557. Bringing corporation under provisions of chapter; amendment of articles
Any corporation organized under any other law of the United States Virgin Islands may bring itself under the provisions of this chapter by amending its articles of incorporation in the manner prescribed by the general corporation law to conform to the provisions of this chapter. Whenever any corporation has amended its articles of incorporation to […]
§ 558. Formation; number of incorporators; purpose
Five or more persons may form a cooperative corporation for any lawful purpose by filing articles of incorporation with the Director of the Consumer Services Administration.
§ 559. Articles; required provisions
The articles of incorporation shall contain: (a) The name of the corporation. (b) The purposes for which it is formed. (c) The island on which the principal office for the transaction of the business of the corporation is located. (d) The number of its directors, which shall be not less than 5 nor more than […]
§ 560. Statement of shares and memberships
The articles shall also state either or both of the following: (a) The total number of shares which the corporation is authorized to issue and (1) the aggregate par value, if any, of all shares, and the par value of each share, or (2) that all shares are to be without par value. (b) The […]
§ 561. Statement of number of shares permitted per shareholder and initial capital
The articles shall also state any limitation on the number of shares permitted to be owned or held or voted by any one shareholder at any one time, and the amount of capital with which the corporation will begin business.
§ 562. Classes of shares: statement of par value and preferences, privileges, and restrictions; authority of board to change
If the corporation is authorized to issue more than one class of shares, the articles shall state the initial number of shares which the corporation is authorized to issue and the aggregate par value of all shares that are to have a par value, and (a) the number of shares of each class that are […]
§ 563. Voting rights in central organization
The articles of incorporation of a central organization which has been formed or exists under the provisions of this chapter may provide that each cooperative corporation which is a shareholder thereof is entitled to cast one or more additional votes in the affairs of the central organization for any stipulated number of voting members in […]
§ 564. Corporate name; inclusion of cooperative
The names of all corporations formed under this chapter shall include “cooperative” or credit union“. No corporation shall be formed under this chapter unless there is affixed or prefixed to its name some word or abbreviation which will indicate that it is a corporation, as distinguished from a natural person, a firm or an incorporated […]
§ 565. Bylaws; adoption and approval
Before proceeding to do business the shareholders shall adopt bylaws not inconsistent with the provisions of this chapter which bylaws or any amendment thereto shall be approved by the Director of the Consumer Services Administration.
§ 566. Permissible provisions
The bylaws of a cooperative corporation may provide for: (a) The management of the property. (b) The regulation of the affairs. (c) Transfer of the shares. (d) The purchase of shares as authorized. (e) Calling of meetings of shareholders. (f) Election of directors. (g) The number of shareholders necessary to constitute a quorum. (h) The […]
§ 567. Purchase of shares
The bylaws of a cooperative corporation may provide for the purchase of shares held by any shareholder who fails to patronize the corporation during the preceding corporate year to an amount prescribed in the bylaws.
§ 568. Formation of districts; district meetings; election of delegates; vote of delegates
A cooperative corporation covering more than one island or an area which in the opinion of the shareholders is too large for their convenient assembling may provide in its bylaws for the formation of districts and the holding of district meetings which may elect one or more delegates to represent their districts in annual and […]
§ 569. Management of corporation by board; election of directors; term of office; removal
Every cooperative corporation shall be managed by a board of directors. The directors shall be elected by the shareholders at such time and for such terms not exceeding three years as the bylaws may prescribe, and shall hold office until their successors are elected and enter upon the discharge of their duties. A majority of […]
§ 570. Officers; election by directors
The officers of every cooperative corporation shall be a president, one or more vice presidents, who shall be directors, and a secretary and a treasurer, who need not be directors, all of whom shall be elected annually by the directors. One person may hold the office of secretary and treasurer. If the corporation employs a […]