Conn. Gen. Stat. § 33-418f
Short title: Worker Cooperative Corporations Act
This chapter shall be known and may be cited as the “Worker Cooperative Corporations Act”.
General Statutes of Connecticut Chapter 599a — Worker Cooperative Corporations
Connecticut · statute · Conn. Gen. Stat. ch. 599a · 10 active provisions
Provisions
Conn. Gen. Stat. § 33-418g
Definitions
As used in this chapter, unless the context otherwise requires: (1) “Worker cooperative” means a corporation which has elected to be governed by the provisions of this chapter. (2) “Member” means a natural person who or nonprofit organization that has been accepted for membership in, and owns a membership share issued…
Conn. Gen. Stat. § 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 or any predecessor statutes thereto, may elect to be governed 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 e…
Conn. Gen. Stat. § 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 such person is (1) employed by the worker cooperative on a full-time or part-time basis, or (2) a nonprofit organiza…
Conn. Gen. Stat. § 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. (b) The power to amend or repeal the bylaws of a worker cooperative shall be in the members only, except that the board of directors may amend or repeal such bylaws in…
Conn. Gen. Stat. § 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.
Conn. Gen. Stat. § 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 amo…
Conn. Gen. Stat. § 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. (b) The certificate of incorporation or bylaws of a…
Conn. Gen. Stat. § 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…
Conn. Gen. Stat. § 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…