Title 7

NRS 81.913 “Worker cooperative” defined. “Worker cooperative” means a corporation which has elected to be governed by the provisions of NRS 81.901 to 81.959, inclusive. (Added to NRS by 2019, 907)

NRS 81.915 “Written notice of allocation” defined. “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of his or her patronage dividend and the terms for payment of that amount by a worker cooperative to the member. (Adde…

NRS 81.917 Legislative findings and declarations. The Legislature hereby finds and declares that a worker cooperative: 1. Has the purpose of creating and maintaining sustainable jobs and generating wealth. 2. Is essential to: (a) Improving the quality of life of the members of th…

NRS 81.919 Election of corporation to be governed as worker cooperative; applicable law. 1. A corporation formed pursuant to chapter 78 of NRS may elect to be governed as a worker cooperative under the provisions of NRS 81.901 to 81.959, inclusive, and such an election must be st…

NRS 81.921 Apportionment and distribution of net earnings and losses. 1. The net earnings and losses of a worker cooperative must be apportioned and distributed at the time and in the manner specified by the articles of incorporation or bylaws of the worker cooperative. 2. Any ne…

NRS 81.923 Use of internal capital and collective reserve accounts; redemption of corporate shares and written notices of allocation; recall and redemption of membership shares. The articles of incorporation or bylaws of a worker cooperative may: 1. Establish a system of internal…

NRS 81.925 Reserve accounts; allocation of indivisible reserve account upon dissolution or sale. 1. A worker cooperative may use: (a) A divisible reserve account; or (b) An indivisible reserve account. 2. An account used pursuant to subsection 1 may be used to pay the expenses of…

NRS 81.927 Authority to operate as internal capital account cooperative; accounts. 1. The articles of incorporation or bylaws of a worker cooperative may establish the worker cooperative as an internal capital account cooperative. 2. Each member of an internal capital account coo…

NRS 81.929 Membership: Establishment of qualifications and method of acceptance, expulsion, termination and suspension; composition of members; effect of leave of absence; rights and responsibilities of members. 1. The articles of incorporation or bylaws of a worker cooperative m…

NRS 81.931 Board of directors: Composition; annual meeting with members; authority of members to override decisions; considerations when exercising powers. 1. A majority of the directors on the board of directors of a worker cooperative must be members. 2. The board of directors …

NRS 81.933 Membership shares; voting power of shares other than membership shares. 1. Each member shall own one membership share, and only members may own such shares. 2. Membership shares: (a) Must be issued for a fee determined by the board of directors of the worker cooperativ…

NRS 81.935 Procedure for expulsion, termination or suspension of member. 1. An expulsion, termination or suspension of a member which deviates from the procedural requirements of this section is void and without effect. 2. An expulsion, termination or suspension of a member must …

NRS 81.937 Action challenging expulsion, termination or suspension of member. 1. An action challenging an expulsion, termination or suspension of a member, including, without limitation, a claim alleging defective notice, pursuant to NRS 81.935 must be commenced within 1 year aft…

NRS 81.939 Notice of meeting at which members are required or permitted to vote; notice of special meeting. 1. For a meeting during which members are required or permitted to vote, notice must be given, in writing, not less than 10 days or more than 90 days before the date of the…

NRS 81.941 Personal notice of meeting consisting only of members; authority to veto decision made at meeting for which notice was not received. 1. Before a meeting consisting of only members, personal notice must be given to each member not less than 48 hours before the meeting. …

NRS 81.943 Contents of notice. Notice of a meeting given pursuant to NRS 81.939 or 81.941 must include, without limitation: 1. The place, date and time of the meeting; 2. A description of the general nature of the matters before the board of directors or members, as applicable; 3…

NRS 81.945 Means of providing notice; affidavit is prima facie evidence of proper notice. 1. Except as otherwise provided in NRS 81.941, notice may be provided by: (a) Personal service; (b) Electronic transmission; (c) Mail; or (d) Any other means of written communication. 2. An …

NRS 81.947 Address of notice to last known address in records; notice if no known address in records; notice if mailed notice is returned as undeliverable. 1. Except as otherwise provided in subsection 2, notice of a meeting given by mail or through other written communication pu…

NRS 81.949 Electronic notice of meeting not authorized in certain circumstances. Notice of a meeting may not be given by electronic transmission pursuant to NRS 81.945 if: 1. A worker cooperative is unable to deliver two consecutive notices to the member by electronic transmissio…

NRS 81.951 Meetings adjourned to another time or place. 1. Unless otherwise provided by the articles of incorporation or bylaws of a worker cooperative, when a meeting is adjourned to another time or place, notice of the adjournment need not be given to the members of the origina…

NRS 81.953 Validity of business transacted at meeting that does not meet notice requirements; waivers of notice. 1. Any business transacted at a meeting that does not meet the notice requirements pursuant to NRS 81.939 to 81.951, inclusive, is valid if: (a) There was a quorum of …

NRS 81.955 Use of written ballots. 1. Unless otherwise prohibited by the articles of incorporation or bylaws of a worker cooperative, the board of directors of the worker cooperative may authorize the distribution of a written ballot to every member entitled to vote at a meeting.…

NRS 81.957 Revocation of election to be governed as worker cooperative. 1. A worker cooperative may revoke its election to be governed as a worker cooperative pursuant to NRS 81.919: (a) In a manner as provided by the articles of incorporation or bylaws of the worker cooperative,…

NRS 81.959 Consolidation or merger. 1. A worker cooperative that has not revoked its election pursuant to NRS 81.919 shall not consolidate or merge with another corporation unless such a corporation is also a worker cooperative. 2. Two or more worker cooperatives may merge in a m…