A. The net earnings or losses of a worker cooperative shall be apportioned and distributed at such times and in such manner as the articles of incorporation or bylaws shall specify.

Terms Used In Virginia Code 13.1-353

  • 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
  • Patronage: means the amount of work performed for a worker cooperative, measured in accordance with criteria set forth in the articles of incorporation or bylaws of the 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. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, shall be apportioned among the members in accordance with the ratio that each member‘s patronage during the period involved bears to total patronage by all members during that period.

C. The apportionment, distribution, and payment of net earnings required by subsection B may be in cash, credits, written notices of allocation, or shares without voting rights issued by the worker cooperative.

2020, c. 673.

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