(a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter.
Terms Used In Alabama Code 10A-11-1.08
- cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 10A-1-1.03
- EMPLOYEE COOPERATIVE: A corporation which has elected to be governed by this chapter. See Alabama Code 10A-11-1.02
- INTERNAL CAPITAL ACCOUNT COOPERATIVE: An employee cooperative governed in accordance with Section 10A-11-1. See Alabama Code 10A-11-1.02
- law: Unless the context requires otherwise, both statutory and common law. See Alabama Code 10A-1-1.03
(b) Notwithstanding any other provision of law, the power to amend or repeal bylaws of an employee cooperative shall be vested in the members only.
(c) Amendments adversely affecting the rights of members may not be adopted without the vote of the members, except that the protection of this subsection may be extended to stockholders in the case of employee cooperative corporations that have not elected to operate as an internal capital account cooperative.