Title 10A

An employee cooperative may include the word “cooperative” or “co-op” in its corporate name, provided, however, that the name shall not include the words “electric” or “power”. (Act 97-949, p. 524, §5; §10-14-5; amended and renumbered by Act 2009-513, p. 967, §312.)

(a) The governing documents shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the employee cooperative on a full-time or part-time basis. In order to qualify for membership, part-time e…

(a) The bylaws of an employee cooperative shall provide for the election, terms, classification, if any, and removal of directors and officers. (b) Nonmembers may serve as directors or officers of an employee cooperative but at no time shall the number of nonmember directors or o…

(a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter. (b) Notwithstanding any other provision of law, the power to amend or repeal bylaws of an employee cooperative shall be vested i…

(a) The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the governing documents specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, sh…

(a) Any employee cooperative may establish through its governing documents a system of internal capital accounts, to reflect the book value and to determine the redemption price of membership shares, capital stock, and written notices of allocation. (b) The governing documents of…

(a) An internal capital account cooperative is a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member, and a collective reserve account, and in which no persons other than members own capital stock. In an internal capital a…

(a) When an employee cooperative revokes its election in accordance with Section 10A-11-1.04, 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 wi…