Connecticut General Statutes 33-418l – Apportionment of earnings and losses
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(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 among the members in accordance with the ratio which each member‘s patronage during the period involved bears to total patronage by all members during that period.
Terms Used In Connecticut General Statutes 33-418l
- Member: means a natural person who or nonprofit organization that has been accepted for membership in, and owns a membership share issued by a worker cooperative. See Connecticut General Statutes 33-418g
- Patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of organization and bylaws of that cooperative. See Connecticut General Statutes 33-418g
- Worker cooperative: means a corporation which has elected to be governed by the provisions of this chapter. See Connecticut General Statutes 33-418g
(b) The apportionment, distribution and payment of net earnings required by subsection (a) of this section may be in cash, credits, written notices of allocation or corporate shares issued by the worker cooperative.