Vermont Statutes Title 11 Sec. 1086
Terms Used In Vermont Statutes Title 11 Sec. 1086
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Internal capital accounts: means a system of accounts on the books of a worker cooperative that reflects the book value of the corporation. See
- Member: means a person who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See
- Membership fee: means the consideration paid for a membership share. See
- Membership share: means a share of voting stock issued to each member of a worker cooperative as evidence of membership. See
- Person: means a natural person. See
- Worker cooperative: means a corporation which has elected to be governed by this chapter. See
§ 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 shall constitute at least fifty and one-tenth percent of the regular, full and part-time work force.
(b) A worker cooperative shall issue a class of voting stock designated as “membership shares.” Each member shall own only one such membership share, and only members may own such shares.
(c) Membership shares shall be issued for a fee determined from time to time by the directors. A worker cooperative may allow for payment of such fee by payroll deduction, installments, or similar methods. A membership share may be issued to a person upon acceptance for membership regardless of whether the membership fee is fully paid.
(d) Sections 1864, 1866(b), (d), 1869(a), 1870, and 1872 of this title shall not apply to membership shares. Sections 2003 and 2004 of this title shall not apply to membership shares whose redemption price is determined by reference to internal capital accounts.
(e) Members of a worker cooperative shall have all the rights and responsibilities of stockholders as a corporation organized under chapter 17 of this title, except as otherwise provided in this chapter. (Added 1985, No. 46, § 1.)