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

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

• (a) The articles of incorporation 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 50 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 (d) [Repealed.] (e) Members of a worker cooperative shall have all the rights and responsibilities of
  stockholders as a corporation organized under Title 11A, except as otherwise provided
  in this chapter. (Added 1985, No. 46, § 1; amended 2023, No. 85 (Adj. Sess.), § 19, eff. July 1, 2024.)