§4A–12A–01. NOT IN EFFECT
** TAKES EFFECT OCTOBER 1, 2026 PER CHAPTERS 198 AND 199 OF 2025 **
(a)In this subtitle the following words have the meanings indicated.
(b)“Assembly” means all members of a limited worker cooperative association who have voting rights under this subtitle and the limited worker cooperative association’s cooperative agreement.
(c)“Collective worker cooperative” means a limited worker cooperative association that has only one class of members consisting of worker members who manage all of the affairs of the association.
(d)“Cooperative agreement” means the operating agreement of a limited worker cooperative association.
(e)“Foreign worker cooperative” means an entity formed under the laws of a state other than thi
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§4A–12A–01. NOT IN EFFECT
** TAKES EFFECT OCTOBER 1, 2026 PER CHAPTERS 198 AND 199 OF 2025 **
(a) In this subtitle the following words have the meanings indicated.
(b) “Assembly” means all members of a limited worker cooperative association who have voting rights under this subtitle and the limited worker cooperative association’s cooperative agreement.
(c) “Collective worker cooperative” means a limited worker cooperative association that has only one class of members consisting of worker members who manage all of the affairs of the association.
(d) “Cooperative agreement” means the operating agreement of a limited worker cooperative association.
(e) “Foreign worker cooperative” means an entity formed under the laws of a state other than this State that is similar to an entity formed under this subtitle.
(f) “Investor member” means a member of a limited worker cooperative association who is not required or permitted to conduct patronage with the association in the member’s capacity as an investor member in order to receive or retain the member’s interest in the association.
(g) “Limited worker cooperative association” means a Maryland limited liability company that elects to be a limited worker cooperative association in accordance with this subtitle.
(h) “Patron member” means a member of a limited worker cooperative association who is required or permitted to conduct patronage with the association.
(i) “Patronage” means business transactions between a limited worker cooperative association and a person that entitles the person to receive financial rights based on the value or quantity of business between the association and the person.
(j) “Representative” means a person serving on the board of representatives of a limited worker cooperative association.
(k) “Voting power” means the proportion of total votes entitled to be cast on a matter that are held by a particular member or a group or class of members.
(l) “Worker member” means a patron member of a limited worker cooperative association who is a natural person and whose patronage consists of or includes labor contributed to or for the association.