Sec. 33-418o. Conversion of shares upon revocation of election. Consolidation or merger restricted. - Connecticut Statutes

      Sec. 33-418o. Conversion of shares upon revocation of election. Consolidation or merger restricted. (a) When a worker cooperative revokes its election in accordance with subsection (b) of section 33-418h, the certificate of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with the provisions of chapter 601.

      (b) A worker cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than a worker cooperative. Two or more worker cooperatives may consolidate or merge in accordance with sections 33-815, 33-817, 33-819 and 33-820 and subdivision (1) of subsection (a) of section 33-856.

      (P.A. 84-430, S. 12, 14; P.A. 96-271, S. 176, 254.)

      History: P.A. 96-271 amended Subsec. (a) to replace reference to chapter 599 with chapter 601 and amended Subsec. (b) to replace reference to "sections 33-364 to 33-369, inclusive, and subsection (c) of section 33-373" with "sections 33-815, 33-817, 33-819, 33-820 and subdivision (1) of subsection (a) of section 33-856", effective January 1, 1997.