As used in this article: “Collective reserve account” means an account on the corporate books representing the worker cooperative’s entire net book value minus balances in any other equity accounts. “Member” means an individual who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. “Membership fee” means an […]
A. Any corporation incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9 may elect to be governed as a worker cooperative in accordance with the provisions of this article by so stating in its articles of incorporation or articles of amendment filed in accordance with § 13.1-710. The offering of an employee stock […]
A. A worker cooperative may include the word “cooperative” or “co-op” in its corporate name. B. No person hereafter commencing business in the Commonwealth may use the phrase “worker cooperative,” “worker co-op,” “employee cooperative,” or “employee co-op” as a part of its corporate name unless it has elected to be governed as a worker cooperative […]
Except as otherwise provided in this article, worker cooperatives shall be governed by Article 1 (§ 13.1-301 et seq.) and Chapter 9 (§ 13.1-601 et seq.). 2020, c. 673.
A. A worker cooperative may revoke its election to be governed as a worker cooperative under this article by a vote of two-thirds of the members and through filing appropriate articles of amendment in accordance with § 13.1-710. B. When any worker cooperative revokes its election in accordance with subsection A, the articles of amendment […]
A. The articles of incorporation or bylaws of a worker cooperative shall establish qualifications for membership and procedures for acceptance and termination of members. B. A worker cooperative’s qualifications and procedures shall require, among such other provisions established in its articles of incorporation or bylaws, that: 1. No individual may be accepted as a member […]
A. No shares other than membership shares shall be given voting rights in a worker cooperative. B. The power to amend or repeal bylaws of a worker cooperative shall be in the members only, except to the extent that directors are authorized to amend or repeal the bylaws. C. Voting on amendments to the articles […]
A. The net earnings or losses of a worker cooperative shall be apportioned and distributed at such times and in such manner as the articles of incorporation or bylaws shall specify. B. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among […]
A. A worker cooperative shall establish through its articles of incorporation or bylaws a system of internal capital accounts to reflect the book value and to determine the redemption price of membership shares, nonvoting shares, and written notices of allocation. As used in this section, “written notice of allocation” means a written instrument that discloses […]
A. The entire net book value of a worker cooperative shall be reflected in internal capital accounts, one for each member, and a collective reserve account. B. A worker cooperative shall credit the paid-in membership fee and additional paid-in capital of a member to the member’s internal capital account and shall also record the apportionment […]
