§ 1086 - Members' membership shares; fees; rights and responsibilities - Vermont Statutes

§ 1086. Members' membership shares; fees; rights and responsibilities

(a) The articles of association or the bylaws shall establish qualifications and the method of acceptance of members. No person may be accepted as a member unless employed by the worker cooperative on a regular full-time or a part-time basis. The membership of a worker cooperative shall constitute at least fifty and one-tenth percent of the regular, full and part-time work force.

(b) A worker cooperative shall issue a class of voting stock designated as "membership shares." Each member shall own only one such membership share, and only members may own such shares.

(c) Membership shares shall be issued for a fee determined from time to time by the directors. A worker cooperative may allow for payment of such fee by payroll deduction, installments, or similar methods. A membership share may be issued to a person upon acceptance for membership regardless of whether the membership fee is fully paid.

(d) 11 V.S.A. §§ 1864, 1866(b), (d), 1869(a), 1870 and 1872 shall not apply to membership shares. 11 V.S.A. §§ 2003 and 2004 shall not apply to membership shares whose redemption price is determined by reference to internal capital accounts.

(e) Members of a worker cooperative shall have all the rights and responsibilities of stockholders as a corporation organized under chapter 17 of this title, except as otherwise provided in this chapter. (Added 1985, No. 46, § 1.)