§ 10A-11-1.01 Short title
§ 10A-11-1.02 Definitions
§ 10A-11-1.03 Election as employee cooperative
§ 10A-11-1.04 Revocation
§ 10A-11-1.05 Corporate name
§ 10A-11-1.06 Members; membership shares; rights and responsibilities
§ 10A-11-1.07 Directors and officers
§ 10A-11-1.08 Voting power; amendment or repeal of bylaws; protection of stockholders
§ 10A-11-1.09 Apportionment, etc., of net earnings or losses
§ 10A-11-1.10 Internal capital accounts
§ 10A-11-1.11 Internal capital account cooperatives
§ 10A-11-1.12 Conversion of membership shares, etc.; merger of employee cooperatives

Terms Used In Alabama Code > Title 10A > Chapter 11

  • COLLECTIVE RESERVE ACCOUNT: An internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative. See Alabama Code 10A-11-1.02
  • conversion: A conversion, whether referred to as a conversion, domestication, or otherwise, means:

    (A) the continuance of a domestic entity as a foreign entity of any type;

    (B) the continuance of a foreign entity as a domestic entity of any type; or

    (C) the continuance of a domestic entity of one type as a domestic entity of another type. See Alabama Code 10A-1-1.03

  • cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 10A-1-1.03
  • corporation: Includes a domestic or foreign business corporation, including a benefit corporation, as defined in Chapter 2A, 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 10A-1-1.03
  • director: An individual who serves on the board of directors, by whatever name known, of a foreign or domestic corporation. See Alabama Code 10A-1-1.03
  • distribution: A transfer of property, including cash, from an entity to an owner or member of the entity in the owner's or member's capacity as an owner or member. 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
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • individual: A natural person and the estate of an incompetent or deceased natural person. See Alabama Code 10A-1-1.03
  • INTERNAL CAPITAL ACCOUNT COOPERATIVE: An employee cooperative governed in accordance with Section 10A-11-1. See Alabama Code 10A-11-1.02
  • INTERNAL CAPITAL ACCOUNTS: A system of accounts on the books of an employee cooperative that reflects the book value of the corporation. 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
  • member: A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Alabama Code 10A-11-1.02
  • MEMBERSHIP FEE: The consideration paid for a membership share. See Alabama Code 10A-11-1.02
  • MEMBERSHIP SHARE: A single share of voting stock issued to each member of a worker cooperative as evidence of membership. See Alabama Code 10A-11-1.02
  • officer: An individual elected, appointed, or designated as an officer of an entity by the entity's governing authority or under the entity's governing documents. See Alabama Code 10A-1-1.03
  • patronage: The amount of work performed as a member of an employee cooperative, measured in accordance with the governing documents. See Alabama Code 10A-11-1.02
  • person: An individual, including the estate of an incompetent or deceased individual, or an entity, 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, nonprofit 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 10A-1-1.03
  • property: Includes all property, whether real, personal, or mixed, or tangible or intangible, or any right or interest therein. See Alabama Code 10A-1-1.03
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • WRITTEN NOTICE OF ALLOCATION: A written statement which discloses to a member the stated dollar amount of the member's patronage allocation and the terms for payment of that amount by the employee cooperative. See Alabama Code 10A-11-1.02