§ 1082 - Definitions - Vermont Statutes

§ 1082. Definitions

As used in this chapter, unless the context clearly requires otherwise, the term:

(1) "Worker cooperative" means a corporation which has elected to be governed by this chapter.

(2) "Person" means a natural person.

(3) "Member" means a person who has been accepted for membership in, and owns a membership share issued by a worker cooperative.

(4) "Membership share" means a share of voting stock issued to each member of a worker cooperative as evidence of membership.

(5) "Membership fee" means the consideration paid for a membership share.

(6) "Patronage" means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of association or bylaws.

(7) "Written notice of allocation" means a written instrument which discloses to a member the stated dollar amount of that member's patronage allocation and the terms for payment of that amount by the worker cooperative.

(8) "Internal capital accounts" means a system of accounts on the books of a worker cooperative that reflects the book value of the corporation.

(9) "Individual capital accounts" means internal capital accounts that represent the portion of the net book value of the corporation attributable to each member.

(10) "Collective account" means an internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative.

(11) "Internal capital account cooperative" means a worker cooperative governed in accordance with section 1090 of this chapter. (Added 1985, No. 46, § 1.)