Source: http://www.workercooplaw.org/connecticut/
Timestamp: 2017-10-23 15:05:06
Document Index: 749282090

Matched Legal Cases: ['§ 33', '§ 33', '§ 33', '§ 33', '§ 33', '§ 33', '§ 33', '§ 33', '§ 33', '§ 33']

Connecticut — Worker Cooperative Law Project
Chapter 599A. Worker Cooperative Corporations
§ 33-418f. Short title: Worker Cooperative Corporations Act
This chapter shall be known and may be cited as the “Worker Cooperative Corporations Act”.
§ 33-418g. Definitions
(d) “Written notice of allocation” means a written instrument which discloses to a member the stated dollar amount of such member's patronage allocation and the terms for payment of that amount by the worker cooperative.
§ 33-418h. Election to be governed as a worker cooperative. Revocation of election. Corporate name
(a) Any corporation formed under the provisions of chapter 601 as a worker cooperative under the provisions of this chapter by so stating in its certificate of incorporation or certificate of amendment filed in accordance with chapter 601. A corporation so electing shall be governed by all provisions of chapter 601 other than sections 33-815 to 33-831, inclusive, and 33-855 to 33-872, inclusive, except as otherwise provided in this chapter.
§ 33-418i. Membership requirements. Membership shares. Rights of members
(a) The certificate of incorporation or bylaws of a worker cooperative shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the worker cooperative on a full- time or part-time basis, provided no less than fifty per cent of all employees shall be members.
§ 33-418j. Voting rights of members and shareholders. Amendments to bylaws
(a) No corporate shares other than membership shares shall be given voting power in a worker cooperative, except as otherwise provided in this chapter.
§ 33-418k. Board of directors' membership requirements
No less than fifty-one per cent of the directors on the board of directors of any worker cooperative shall be members of the cooperative.
§ 33-418l. Apportionment of earnings and losses
(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 organization or bylaws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, 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.
§ 33-418m. System of internal capital accounts. Redemption of shares. Interest. Collective reserve account
(a) Any worker cooperative may establish through its certificate of incorporation or bylaws a system of internal capital accounts to reflect the book value and to determine the redemption price of membership shares, corporate shares and written notices of allocation.
(c) The certificate of incorporation or bylaws may provide for the worker cooperative to pay or credit interest on the balance of each member's internal capital account.
§ 33-418n. 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 reserve account, and in which no persons other than members own corporate shares. In an internal capital account cooperative, each member shall have one and only one vote in any matter requiring voting by shareholders.
(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 reserve account in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members.
§ 33-418o. Conversion of shares upon revocation of election. Consolidation or merger restricted
(a) When a worker cooperative revokes its election in accordance with subsection (b) of section 33-418h, the certificate of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with the provisions of chapter 601.
(b) A worker cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than a worker cooperative. Two or more worker cooperatives may consolidate or merge in accordance with sections 33-815, 33-817, 33-819 and 33-820 and subdivision (1) of subsection (a) of section 33-856.