Virginia Code 13.1-352: Voting rights
Current as of: 2023 | Check for updates
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A. No shares other than membership shares shall be given voting rights in a worker cooperative.
Terms Used In Virginia Code 13.1-352
- Member: means an individual who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See Virginia Code 13.1-346
- Worker: means an individual employed by a worker cooperative. See Virginia Code 13.1-346
- Worker cooperative: means a corporation incorporated under the provisions of Article 3 (§ 13. See Virginia Code 13.1-346
B. The power to amend or repeal bylaws of a worker cooperative shall be in the members only, except to the extent that directors are authorized to amend or repeal the bylaws.
C. Voting on amendments to the articles of incorporation of a worker cooperative shall be limited to the members qualified to vote membership shares.
D. Each member with a membership share shall have one vote in any matter requiring voting by shareholders.
2020, c. 673.