§ 7-6.2-6. Members — Membership shares — Fees — Rights and responsibilities.
(a) The certificate of incorporation or the bylaws shall establish qualifications and
the method of acceptance and termination of members. Upon completion of their probationary
period, all regular full-time or part-time employees shall be offered membership in
the workers' cooperative. Acceptance as a member in a workers' cooperative shall be
evidenced by a membership share, which shall be issued for a fee, to be paid in such
terms and conditions as are provided in the bylaws.
(b) A workers' cooperative shall issue a class of
Free access — add to your briefcase to read the full text and ask questions with AI
§ 7-6.2-6. Members — Membership shares — Fees — Rights and responsibilities.
(a) The certificate of incorporation or the bylaws shall establish qualifications and
the method of acceptance and termination of members. Upon completion of their probationary
period, all regular full-time or part-time employees shall be offered membership in
the workers' cooperative. Acceptance as a member in a workers' cooperative shall be
evidenced by a membership share, which shall be issued for a fee, to be paid in such
terms and conditions as are provided in the bylaws.
(b) A workers' 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
membership shares.
(c) Membership shares shall be issued for a fee as shall be determined from time to time
by the directors. No certificate for a membership share shall be issued until its
fee has been paid in full. Each member is entitled to a certificate for his or her
membership share upon fulfilling the requirements in the cooperative's articles of
incorporation and bylaws.
(d) Members of a workers' cooperative shall have all the rights and responsibilities of
stockholders of a corporation organized under the provisions of chapter 1.2 of title 7, except as otherwise provided in this chapter.