Nevada § 81.957 Revocation of election to be governed as worker cooperative

Nevada Statutes

§ 81.957 — Revocation of election to be governed as worker cooperative

Nevada·Title 7 BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES·Ch. 81 Miscellaneous· Revocation of Election and Mergers

1. A worker cooperative may revoke its election to be governed as a worker cooperative pursuant to NRS 81.919 :

(a)In a manner as provided by the articles of incorporation or bylaws of the worker cooperative, but by not less than a majority vote of the members; and

(b)Through a certificate of amendment filed pursuant to chapter 78 of NRS. 2. A worker cooperative that revokes its election pursuant to subsection 1 shall, in its certificate of amendment, provide for the conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with chapter 78 of NRS.

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1. A worker cooperative may revoke its election to be governed as a worker cooperative pursuant to NRS 81.919 :
(a) In a manner as provided by the articles of incorporation or bylaws of the worker cooperative, but by not less than a majority vote of the members; and
(b) Through a certificate of amendment filed pursuant to chapter 78 of NRS.
2. A worker cooperative that revokes its election pursuant to subsection 1 shall, in its certificate of amendment, provide for the conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with chapter 78 of NRS.

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