§ 1086.
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§ 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(d)[Repealed.]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.)