Oregon Statutes 62.774 – Qualifications of members; membership shares; rights of members
(1) The articles of incorporation or the bylaws shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the employee cooperative on a full-time or part-time basis.
Terms Used In Oregon Statutes 62.774
- Articles: means articles of incorporation, articles of conversion or articles of merger. See Oregon Statutes 62.015
- Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
- Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015
- Person: means an individual, corporation, association, firm, partnership, joint stock company, cooperative or foreign cooperative. See Oregon Statutes 62.015
(2) An employee cooperative shall issue a class of voting shares designated as membership shares. Each member shall own only one such membership share and only members may own such shares.
(3) Membership shares shall be issued for a fee as shall be determined from time to time by the directors. The redemption price of membership shares is determined by reference to internal capital accounts as described in ORS § 62.783.
(4) Members of an employee cooperative shall have all the rights and responsibilities of shareholders of a corporation organized under this chapter, except as otherwise provided in ORS § 62.765 to 62.792. [1987 c.677 § 16; 1989 c.171 § 8]