Vermont § 1091 - Internal capital account cooperatives
Full text of Vermont Vermont Statutes Online § 1091 — Internal capital account cooperatives, with citation guidance and answers to common questions.
§ 1091. Internal capital account cooperatives
- (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
account, and in which no persons other than members own capital stock. In an internal
capital account cooperative, each member shall have one and only one vote in any matter
requiring voting by stockholders. (b) An internal capital account cooperative shall credit the paid-in membership fee and
additional paid-in capital of a member to the member’s internal capital account, and
shall also record the apportionment of retained net earnings or net losses to the
members in accordance with patronage by appropriately crediting or debiting the internal
capital accounts of members. The collective account in an internal capital account
cooperative shall reflect any paid-in capital, net losses, and retained net earnings
not allocated to individual members. (c) In an internal capital account cooperative, the balances in all the individual internal
capital accounts and collective account, if any, shall be adjusted at the end of each
accounting period so that the sum of the balances is equal to the net book value of
the worker cooperative. (Added 1985, No. 46, § 1.)
Frequently Asked Questions About Vermont § 1091
What does Vermont Statutes Online § 1091 cover?
Section 1091 ("Internal capital account cooperatives") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1091?
A common citation format is "Vermont Statutes Online § 1091" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1091 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.