Vermont Statutes Title 11 Sec. 1088
Terms Used In Vermont Statutes Title 11 Sec. 1088
- Member: means a person who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See
- Patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of association or bylaws. See
- Worker cooperative: means a corporation which has elected to be governed by this chapter. See
§ 1088. Net earnings or losses; apportionment, distribution, and payment
(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 association or bylaws shall specify. Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, and net losses allocated to members with respect to a period of time 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.
(b) The apportionment, distribution, and payment of net earnings required by this section may be in cash, credits, written notices of allocation, or capital stock issued by the worker cooperative. (Added 1985, No. 46, § 1.)