Nevada Revised Statutes 81.957 – Revocation of election to be governed as worker cooperative
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1. A worker cooperative may revoke its election to be governed as a worker cooperative pursuant to NRS 81.919:
Terms Used In Nevada Revised Statutes 81.957
- 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.
(a) In a manner as provided by the articles of incorporation or bylaws of the worker cooperative, but by not less than a majority vote of the members; and
(b) Through a certificate of amendment filed pursuant to chapter 78 of NRS.
2. A worker cooperative that revokes its election pursuant to subsection 1 shall, in its certificate of amendment, provide for the conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with chapter 78 of NRS.