§ 1081. Short title
§ 1081. Short title This chapter shall be known and may be cited as the Worker Cooperative Corporations Act. (Added 1985, No. 46, § 1.)
§ 1082. Definitions
§ 1082. Definitions As used in this chapter, unless the context clearly requires otherwise, the term: (1) “Worker cooperative” means a corporation which has elected to be governed by this chapter. (2) “Person” means a natural person. (3) “Member” means a person who has been accepted for membership in, and owns a membership share issued […]
§ 1083. Corporations organized under chapter 17; election to be governed as worker cooperative
§ 1083. Corporations organized under chapter 17; election to be governed as worker cooperative Any corporation organized under chapter 17 of this title may elect to be governed as a worker cooperative under the provisions of this chapter, by so stating in its articles of association or articles of amendment filed in accordance with chapter […]
§ 1084. Revocation of election
§ 1084. Revocation of election A worker cooperative may revoke its election under this chapter by a vote of majority of the members and through articles of amendment filed in accordance with subchapter 7 of chapter 17 of this title. (Added 1985, No. 46, § 1.)
§ 1085. Corporate name
§ 1085. Corporate name A worker cooperative may include the word “cooperative” or any abbreviation of that word in its corporate title. (Added 1985, No. 46, § 1.)
§ 1086. Members’ membership shares; fees; rights and responsibilities
§ 1086. Members’ membership shares; fees; rights and responsibilities (a) The articles of association or the bylaws shall establish qualifications and the method of acceptance of members. No person may be accepted as a member unless employed by the worker cooperative on a regular full-time or a part-time basis. The membership of a worker cooperative […]
§ 1087. Voting shares; bylaws; amendment of articles of organization
§ 1087. Voting shares; bylaws; amendment of articles of organization (a) No capital stock other than membership shares shall be given voting power in a worker cooperative except as otherwise provided in this chapter or in the articles of association. (b) Notwithstanding the provisions of section 1873 of this title and other provisions of law […]
§ 1088. Net earnings or losses; apportionment, distribution, and payment
§ 1088. Net earnings or losses; apportionment, distribution, and payment (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 association or bylaws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and […]
§ 1089. Directors; officers
§ 1089. Directors; officers (a) The bylaws of a worker 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 17 of this title. (b) Nonmembers may serve as directors or officers of a worker cooperative […]
§ 1090. Internal capital accounts; recall or redemption of shares; interest; collective reserve account
§ 1090. Internal capital accounts; recall or redemption of shares; interest; collective reserve account (a) A worker cooperative may provide in its bylaws that it shall operate as an internal capital account cooperative. Any worker cooperative may establish through its articles of association or bylaws a system of internal capital accounts, to reflect the book […]
§ 1091. Internal capital account cooperatives
§ 1091. Internal capital account cooperatives (a) An internal capital account cooperative is a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member, and a collective account, and in which no persons other than members own capital stock. In an internal capital account cooperative, each member shall […]
§ 1092. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
§ 1092. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger (a) If any worker cooperative revokes its election in accordance with section 1084 of this title, the articles of association or articles of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion […]