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The Vermont Statutes Online
Title
11
:
Corporations, Partnerships and Associations
Chapter
008
:
WORKER COOPERATIVE CORPORATIONS
§
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.)