Source: http://www.workercooplaw.org/pennsylvania/
Timestamp: 2017-08-23 19:14:04
Document Index: 578172427

Matched Legal Cases: ['§ 7701', '§ 7703', '§ 7704', '§ 7705', '§ 7706', '§ 7707', '§ 7708', '§ 7709', '§ 7710', '§ 7711', '§ 7712', '§ 7713', '§ 7714', '§ 7715', '§ 7716', '§ 7717', '§ 7718', '§ 7719', '§ 7720', '§ 7721', '§ 7722', '§ 7723', '§ 7724', '§ 7725', '§ 7726']

Pennsylvania — Worker Cooperative Law Project
Subpart D. Cooperative Corporations
Article B. Domestic Cooperative Corporation Ancillaries
Chapter 77. Workers’ Cooperative Corporations
§ 7701. Short title of chapter
“Bureau.” The Corporation Bureau of the department.
“Corporation.” A corporation organized for profit which has elected to be governed by this chapter.
“Member.” An individual who patronizes a corporation by the contribution of labor and who has been accepted for membership in and owns a membership share issued by the corporation.
“Patronage.” The number of hours of work performed as a member of a corporation.
“Patronage allocation.” The share of net earnings or losses with respect to a period of time paid or credited to a member on the basis of the ratio which the member's patronage during the period involved bears to total patronage by all members during that period.
“Written notice of allocation.” A written instrument which discloses to a member the stated dollar amount of the member's patronage allocation and the terms of payment of that amount by the corporation.
§ 7703. Corporations
(1) The corporation may adopt any corporate name to indicate its cooperative character as long as the name has not been previously adopted.
(2) The two last words of the name shall be “cooperative corporation,” but it shall be unlawful to use in the name either the words “society” or “company.” A violation of this paragraph by a corporation formed under this chapter renders each member personally liable for all debts of the corporation.
§ 7704. Articles of incorporation
(d) Content of articles.--The articles of incorporation shall be signed by the persons originally associating themselves together and shall state distinctly:
(1) The name by which the corporation shall be known, which may not be the same as, or confusingly similar to, the name of an association or corporation existing under the law of the Commonwealth, the name of a foreign or alien association or corporation authorized to transact business in this Commonwealth, or a corporate name reserved or registered as provided by law.
§ 7705. Capital stock
(f) Form of certificates.--Certificates representing shares, membership shares and evidences of a person's equity in a fund, capital investment or other asset of the corporation shall be signed by the president, vice president, treasurer or assistant treasurer
and the secretary or an assistant secretary of the corporation. Facsimiles of signatures are acceptable. These certificates may be sealed with the seal of the corporation or a facsimile.
(h) Status of membership.--A membership is not a security as defined in section 102 of the act of December 5, 1972 (P.L. 1280, No. 284), known as the Pennsylvania Securities Act of 1972. Sale, redemption and other transactions with respect to membership shares are not governed by the Pennsylvania Securities Act of 1972, except that Part IV of that act, relating to fraudulent and prohibited practices, applies.
§ 7706. Internal capital accounts and net worth
§ 7707. Voting
§ 7708. Acceptance and termination of membership
§ 7709. Power to buy, sell or trade
§ 7710. Individual liability of members
§ 7711. Corporate powers
§ 7712. Investment of capital stock in other corporations
§ 7713. Meetings
§ 7714. Records
§ 7715. Audit
§ 7716. Directors and officers
§ 7717. Patronage distributions
§ 7718. Indemnity
§ 7719. Unlawful dividends
§ 7720. Amendments of articles
§ 7721. Bylaws
§ 7722. Benefits bestowed on associations by compliance with this chapter
§ 7723. Dissolution
(a) General rule.--A corporation may dissolve and wind up; may merge or consolidate with other corporations; and may sell to, lease to or exchange with other corporations all or substantially all of its property and assets. Except as otherwise provided in this chapter, these actions are governed by Subchapter C of Chapter 19 (relating to merger, consolidation, share exchanges and sale of assets). A workers' cooperative corporation which has not revoked its election to be governed by this chapter may not consolidate or merge with one or more corporations organized under any law other than this chapter. If a member objects to a corporation's merger or consolidation, the member may terminate membership in the corporation. The price of redemption of the member's interest shall be the amount in the member's individual capital account on terms and conditions as the law, the articles of incorporation and the bylaws provide.
§ 7724. Conversion to a corporation governed by the Business Corporation Law
§ 7725. Savings provisions
§ 7726. Applicability