Vermont Statutes Title 11 Sec. 1091
Terms Used In Vermont Statutes Title 11 Sec. 1091
- Collective account: means an internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative. See
- Internal capital account cooperative: means a worker cooperative governed in accordance with section 1090 of this chapter. See
- Internal capital accounts: means a system of accounts on the books of a worker cooperative that reflects the book value of the corporation. See
- Member: means a person who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See
- Membership fee: means the consideration paid for a membership share. 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
§ 1091. Internal capital account cooperatives
(a) An internal capital account cooperative is a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member, and a collective account, and in which no persons other than members own capital stock. In an internal capital account cooperative, each member shall have one and only one vote in any matter requiring voting by stockholders.
(b) An internal capital account cooperative shall credit the paid-in membership fee and additional paid-in capital of a member to the member’s internal capital account, and shall also record the apportionment of retained net earnings or net losses to the members in accordance with patronage by appropriately crediting or debiting the internal capital accounts of members. The collective account in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members.
(c) In an internal capital account cooperative, the balances in all the individual internal capital accounts and collective account, if any, shall be adjusted at the end of each accounting period so that the sum of the balances is equal to the net book value of the worker cooperative. (Added 1985, No. 46, § 1.)