(a) The governing documents 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. In order to qualify for membership, part-time employment shall be at least half-time.
Terms Used In Alabama Code 10A-11-1.06
- cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 45-26-231.06
- corporation: Includes a domestic or foreign business corporation as defined in Chapter 2, a domestic or foreign nonprofit corporation as defined in Chapter 3, a domestic or foreign professional corporation as defined in Chapter 4, and those entities specified in Chapter 20 as corporate. See Alabama Code 45-26-231.06
- EMPLOYEE COOPERATIVE: A corporation which has elected to be governed by this chapter. See Alabama Code 43-2-747
- member: A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Alabama Code 43-2-747
- MEMBERSHIP FEE: The consideration paid for a membership share. See Alabama Code 43-2-747
- MEMBERSHIP SHARE: A single share of voting stock issued to each member of a worker cooperative as evidence of membership. See Alabama Code 43-2-747
- person: An individual, including the estate of an incompetent or deceased individual, or an organization, whether created by the laws of this state or another state or foreign country, including, without limitation, a general partnership, limited liability partnership, limited partnership, limited liability limited partnership, limited liability company, corporation, professional corporation, professional association, trustee, personal representative, fiduciary, as defined in Section 19-3-150 or person performing in any similar capacity, business trust, estate, trust, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Alabama Code 45-26-231.06
(b) An employee cooperative shall issue a class of voting stock designated as “membership shares.” Each member shall own only one membership share, and only members may own such shares.
(c) Membership shares shall be issued for a fee as shall be determined by the directors. An employee 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) Members of an employee cooperative shall have all the rights and responsibilities of stockholders of a corporation organized under Chapter 2, except as otherwise provided in this chapter.