§1975. Formation of employee cooperative corporation; revocation
108 words·~1 min read·
/me/title-13-corporations/chapter-85-cooperatives/1975·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Election. Any corporation organized under former Title 13-A or Title 13-C may elect to be governed as an employee cooperative under this subchapter, by so stating in its articles of incorporation or articles of amendment filed in accordance with Title 13-C .
[RR 2001, c. 2, Pt. B, §31 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
2. Revocation. An employee cooperative may revoke its election under this subchapter by a vote of 2/3 of the members and through articles of amendment duly filed in accordance with Title 13-C .
[RR 2001, c. 2, Pt. B, §31 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]