301-A:1 Definitions. – In this chapter: I. "Association" means any corporation formed under this chapter on a nonprofit basis. II. "Capital" means, when an association is formed without capital stock, the total consideration for which the entire number of memberships in an association is issued. III. "Member" means any ultimate consumer which has made […]
301-A:10 Adoption of Bylaws. – Bylaws shall be adopted or repealed by at least a majority vote of the members. Bylaws shall be amended by at least a majority vote of members present at a regular meeting of the association or by at least a majority vote of members casting votes if the bylaws […]
301-A:11 Contents of Bylaws. – The bylaws may include: I. The method and terms of admission to membership and the disposal of members’ interests on cessation of membership for any reason, including the amount of entrance, organization, and membership fees, and the purposes for which they may be used. II. The time, place, and […]
301-A:12 Membership Qualifications. – I. Membership shall be available on a voluntary basis to all persons who can utilize the services of the association and who are willing to accept membership responsibilities. Membership shall be available without any social, political, racial, or religious discrimination, and without any discrimination based upon age, sex, disability, or […]
301-A:13 Payment of Capital; Prerequisite to Membership. – Any natural person or association, or incorporated or unincorporated group, organized on a cooperative basis, or any nonprofit group, shall be deemed a member upon the full payment of the membership fee or minimum membership capital stated in the bylaws as necessary to qualify for membership. […]
301-A:14 Issuance of Membership Certificates. – I. No certificate for share or membership capital shall be issued until its par value is paid for in full. Each certificate issued by an association shall have printed upon it a full or condensed statement of the requirements of RSA 301-A:16 and 26. II. Any natural person […]
301-A:15 Transfer of Shares and Withdrawal From Membership. – I. If a member desires to withdraw from the association or dispose of any or all of his holdings, the directors shall have the power to purchase such holdings by paying him the par value or book value, whichever is lower, of any or all […]
301-A:16 Recall of Share and Membership Certificates. – The bylaws may give the directors the power to use the reserve funds to recall, at par value, the holdings of any member in excess of the amount requisite for membership. The bylaws may also provide that if any member has failed to patronize the association […]
301-A:17 Impairment of Solvency. – No purchase or recall shall be made by the directors if it will impair the solvency of the association. Source. 1983, 462:1, eff. July 1, 1983.
301-A:18 Attachment of Share and Membership Certificates. – The holdings of any member of an association to the extent of a minimum amount necessary for membership, but not to exceed $100, shall be exempt from attachment, execution, or garnishment for the debts of the owner. If any holdings in excess of this amount are […]
301-A:19 Liability of Members. – Members shall not be jointly or severally liable for association debts; nor shall a subscriber be liable except to the extent of the unpaid amount on his membership fee or capital stock subscribed by him. Source. 1983, 462:1, eff. July 1, 1983.
301-A:2 Incorporation Under General Law. – I. Five or more persons, a majority of whom are residents of this state, may form a nonprofit cooperative association with or without capital stock under the provisions of this chapter. II. An association may be incorporated on a cooperative, nonprofit basis for the purpose of acquiring, producing, […]
301-A:20 Expulsion of Members. – Any member whose activity in the association is contrary to basic consumer cooperation principles or who endangers effective operation of the association may be expelled by the board of directors. Written notice of the charges against him and reasonable opportunity for a hearing shall be provided prior to any […]
301-A:21 Regular Meetings. – The bylaws of each association shall provide for regular meetings of members to be held at least once a year. Source. 1983, 462:1, eff. July 1, 1983.
301-A:22 Special Meetings. – Special meetings may be called at any time by a majority vote of the directors or by written petition of at least 1/10 of the membership. It shall be the duty of the secretary to call such meetings to take place within 30 days after such demand. Regular or special […]
301-A:23 Notice of Meetings. – The secretary shall give notice of the time and place of meetings, together with a statement of the meeting agenda, to each member at his last known address not less than 10 days prior to the meeting. Source. 1983, 462:1, eff. July 1, 1983.
301-A:24 Voting. – Each member of an association shall have only one vote. Voting power shall be distributed on the basis of one vote per natural person or member. The certificate of organization may prescribe the voting rights of member associations in another consumer cooperative; provided, that voting by such member associations shall be […]
301-A:25 Proxy Voting. – No member shall be permitted to vote by proxy. Source. 1983, 462:1, eff. July 1, 1983.
301-A:26 Restriction on Dividends. – The maximum rate of dividends paid on share capital shall not exceed 10 percent per year, or such other percentage per year as may be approved under the bylaws of the National Consumer Cooperative Bank, upon the paid capital. Dividends shall be non-cumulative. The net savings of the operation […]
301-A:27 Application of Franchise, License, and Corporation Taxes. – For taxation purposes, each association formed under this chapter shall pay to the secretary of state an annual fee of $25 in lieu of all franchise, license, or corporation taxes, or taxes upon reserves held by the association for its members. Source. 1983, 462:1. 2006, […]
