Chapter 1 - Employee Cooperative Corporations
- Section 10-14-1 Short title
This chapter shall be known and may be cited as the Employee Cooperative Corporations Act. ...
- Section 10-14-2 Definitions
As used in this chapter, the following words shall have the following meanings: (1) COLLECTIVE RESERVE ACCOUNT. An internal capital account that represents the ...
- Section 10-14-3 Election as employee cooperative
Any corporation organized under Chapter 2B of this title may elect to be governed as an employee cooperative under this chapter, by so stating ...
- Section 10-14-4 Revocation of election
An employee cooperative may revoke its election under this chapter by a vote of two-thirds of the members and through articles of amendment filed ...
- Section 10-14-5 Corporate name
An employee cooperative may include the word "cooperative" or "co-op" in its corporate name, provided, however, that such name shall not include the words ...
- Section 10-14-6 Members; membership shares; rights and responsibilities
(a) The articles of incorporation or the bylaws shall establish qualifications and the method of acceptance and termination of members. No person may be ...
- Section 10-14-7 Directors and officers
(a) The bylaws of an employee cooperative shall provide for the election, terms, classification, if any, and removal of directors and officers. (b) Nonmembers ...
- Section 10-14-8 Voting powers; amendment or repeal of bylaws; protection of stockholders
(a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter. ...
- Section 10-14-9 Apportionment, etc., of net earnings or losses
(a) The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the ...
- Section 10-14-10 Internal capital accounts
(a) Any employee cooperative may establish through its articles of incorporation or bylaws a system of internal capital accounts, to reflect the book value ...
- Section 10-14-11 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 ...
- Section 10-14-12 Conversion of membership shares, etc.; merger of employee cooperatives
(a) When an employee cooperative revokes its election in accordance with Section 10-14-4, the articles of amendment shall provide for conversion of membership shares ...
