Nevada Revised Statutes 81.933 – Membership shares; voting power of shares other than membership shares
Current as of: 2022 | Check for updates
|
Other versions
1. Each member shall own one membership share, and only members may own such shares.
Terms Used In Nevada Revised Statutes 81.933
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
2. Membership shares:
(a) Must be issued for a fee determined by the board of directors of the worker cooperative.
(b) Must not be considered a security.
3. Except as otherwise provided in subsection 4:
(a) No shares of the corporation other than membership shares may be given voting power in a worker cooperative.
(b) The power to amend or repeal the bylaws of a worker cooperative may only be given to the members.
4. An amendment that adversely affects the rights of the holders of corporate shares other than membership shares may not be adopted without the vote of such shareholders pursuant to chapter 78 of NRS.