Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/10A-11-1.06.htm |
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Depth: | 0 singles |
Size: | 1,593 bytes |
Modified: | 2019-12-12 09:59:38 |
Categories: | -None- |
Title: | 10A-11-1.06 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 10A-11-1.06 Members; membership shares; rights and responsibilities. (a) The governing documents shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the employee cooperative on a full-time or part-time basis. In order to qualify for membership, part-time employment shall be at least half-time. (b) An employee cooperative shall issue a class of voting stock designated as "membership shares." Each member shall own only one membership share, and only members may own such shares. (c) Membership shares shall be issued for a fee as shall be determined by the directors. An employee cooperative may allow for payment of such fee by payroll deduction, installments, or similar methods. A membership share may be issued to a person upon acceptance for membership regardless of whether the membership fee is fully paid. (d) Members of an employee cooperative shall have all the rights and responsibilities of stockholders of a corporation governed by the Alabama Business Corporation Law, except as otherwise provided in this chapter. (Act 97-949, p. 524, §6; §10-14-6; amended and renumbered by Act 2009-513, p. 967, §312; Act 2019-94, §2.) |