§ 7-6.2-1. Legislative purpose. The purpose of this chapter is to promote the creation of workers’ cooperatives by incentivizing workers to create enterprises that are democratically controlled and operated by their own workers. History of Section.P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.
§ 7-6.2-10. Internal capital accounts — Recall or redemption of shares — Interest — Collective reserve account. (a) Any workers’ cooperative may establish through its certificate of incorporation or bylaws a system of internal capital accounts, to reflect the book value and to determine the redemption price of membership shares, capital stock, and written notices […]
§ 7-6.2-11. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger. When any workers’ cooperative revokes its election in accordance with § 7-6.2-5, an amendment of the certificate of incorporation shall provide for the conversion of membership shares and internal capital accounts, or their conversion to securities or other […]
§ 7-6.2-12. Severability. If any provision of this chapter or any rule or regulation created under this chapter, or the application of any provision of this chapter to any person or circumstance shall be held invalid in any court of competent jurisdiction, the remainder of the chapter, rule, or regulation and the application of such […]
§ 7-6.2-2. Definitions. As used in this chapter, the following words and terms have the following meaning: (1) “Member” means a natural person who has been accepted in and owns a membership share issued by a workers’ cooperative. (2) “Paid-in capital” means money or other property contributed by a member to a workers’ cooperative that […]
§ 7-6.2-3. Corporations organized under general corporation law; election to be governed as workers’ cooperative. Any corporation organized under chapter 1.2 of title 7 may elect to be governed as a workers’ cooperative under the provisions of this chapter, by so stating in its certificate of incorporation filed in accordance with §§ 7-1.2-201 and 7-1.2-202 […]
§ 7-6.2-4. Application of general corporation law — Business corporation tax — Other taxes and programs. (a) The provisions of chapter 1.2 of title 7 are applicable to workers’ cooperatives. (b) All workers’ cooperatives shall enjoy the powers and privileges, and be subject to the duties, restrictions, and liabilities of other corporations organized under chapter […]
§ 7-6.2-5. Revocation of election. A workers’ cooperative may revoke its election under this chapter by a vote of two-thirds (⅔) of the members and through articles of amendment filed in accordance with §§ 7-1.2-901 — 7-1.2-907. History of Section.P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.
§ 7-6.2-6. Members — Membership shares — Fees — Rights and responsibilities. (a) The certificate of incorporation or the bylaws shall establish qualifications and the method of acceptance and termination of members. Upon completion of their probationary period, all regular full-time or part-time employees shall be offered membership in the workers’ cooperative. Acceptance as a […]
§ 7-6.2-7. Voting shares — Bylaws — Amendment of certificate of incorporation. (a) No capital stock other than membership shares shall be given voting power in a workers’ cooperative, except as otherwise provided in this chapter. (b) Notwithstanding the provisions of §§ 7-1.2-201 and 7-1.2-202 and §§ 7-1.2-901 — 7-1.2-907, the power to amend or […]
§ 7-6.2-8. Net earnings or losses — Apportionment, distribution, and payment. (a) The net retained proceeds or losses of a workers’ cooperative shall be apportioned and distributed at such times and in such manner as the certificate of incorporation or bylaws shall specify. Net retained proceeds declared as patronage allocations with respect to a period […]
§ 7-6.2-9. Directors; officers. (a) The bylaws of a workers’ cooperative shall provide for the election, terms, classifications, if any, and removal of directors and officers in accordance with the provisions of this chapter or the provisions of chapter 1.2 of title 7. (b) In the absence of any bylaw provision, elections, terms, classifications, and […]
