§ 580. Purchase of own shares or memberships
The corporation has the right to purchase, at book value as conclusively determined by the directors, any of its shares or memberships offered for transfer, or the stock or membership of any deceased shareholder.
§ 581. Investment in shares or memberships of other corporations
The corporation may, by a majority vote of the shareholders, invest not to exceed 25 percent of its capital, in the capital stock, shares, or memberships of any other corporation.
§ 582. Reserve funds and dividends
(a) The directors shall apportion any surplus-savings and earnings by first setting aside at least 10 percent thereof for a reserve fund until the reserve fund equals 30 percent of the paid-up shares, and thereafter the directors may continue to set aside 10 percent of the net surplus-savings for a reserve fund. The directors may […]
§ 583. Application of general corporation law
Any cooperative corporation or credit union organized or existing under this chapter may amend its articles of incorporation in the manner prescribed by the general corporation law; provided, that any such amendment shall be filed with and approved by the Director of the Consumer Services Administration.
§ 584. Unauthorized use of cooperative in name
Except as otherwise expressly provided in this chapter, no person, firm, individual, partnership, trust, domestic corporation, foreign corporation, or association shall adopt or use the word “cooperative” or any abbreviation or derivation thereof, or any word similar thereto, as part of the name or designation under which he does business in the United States Virgin […]
§ 585. Foreign corporations; use of cooperative in name
Any foreign corporation, organized under and complying with the cooperative law of the United States Virgin Islands or other jurisdiction of its creation, may use the term “cooperative” in the United States Virgin Islands if it has complied with the laws of the United States Virgin Islands applicable to foreign corporations, in so far as […]
§ 586. Unauthorized business
It is unlawful for any corporation formed under this chapter to carry on business contrary to or outside of the purpose for which it is formed.
§ 587. Injunction
Any person, firm, partnership, trust, domestic corporation, foreign corporation, or association may be enjoined from violating the provisions of section 584 or section 586 of this chapter or form issuing, selling, offering for sale, negotiating, advertising or distributing stock, notes, bonds, certificates or evidences of indebtedness or other securities, issued by him or concerning his […]
§ 589. Penalties
Any person, firm, partnership, trustee, association or corporation violating any of the provisions of this chapter is guilty of a misdemeanor, punishable by a fine not more than $500, or by imprisonment for not more than one year, or both such fine and imprisonment.
§ 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 […]