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§1091. Internal capital account cooperatives


Published: 2015

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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.)