§1088. Net earnings or losses; apportionment, distribution and payment

Link to law: http://legislature.vermont.gov/statutes/section/11/008/01088
Published: 2015

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The Vermont Statutes Online



Title

11

:
Corporations, Partnerships and Associations






Chapter

008

:
WORKER COOPERATIVE CORPORATIONS











 

§

1088. Net earnings or losses; apportionment, distribution and payment

(a) The net

earnings or losses of a worker cooperative shall be apportioned and distributed

at such times and in such manner as the articles of association or bylaws shall

specify. Net earnings declared as patronage allocations with respect to a

period of time, and paid or credited to members, and net losses allocated to

members with respect to a period of time shall be apportioned among the members

in accordance with the ratio which each member's patronage during the period

involved bears to total patronage by all members during that period.

(b) The

apportionment, distribution, and payment of net earnings required by this

section may be in cash, credits, written notices of allocation, or capital

stock issued by the worker cooperative. (Added 1985, No. 46, § 1.)
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