56-231.46 - Members. - Virginia Statutes

§ 56-231.46. Members.

A. A cooperative may have one or more classes of members. If the cooperativehas more than one class of members, the designation of each class and thequalifications and rights of the members of each class shall be set forth inthe bylaws of the cooperative.

B. Such cooperative shall issue to its members nontransferable certificatesof membership. Members shall be entitled to vote in accordance with thearticles of incorporation or, if the articles of incorporation so provide,the bylaws. The liability of each member shall be limited to the unpaidportion of its membership fee or subscription to capital stock and itscontractual obligations to the cooperative. The equity of members of anonstock cooperative shall be in proportion to the patronage capital paidsuch cooperative.

C. No person shall become or remain a member unless it has complied with theterms and conditions of membership contained in the bylaws of the cooperative.

(1999, c. 874.)