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Terms Used In Vermont Statutes Title 11 Sec. 1092

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Internal capital accounts: means a system of accounts on the books of a worker cooperative that reflects the book value of the corporation. See
  • Worker cooperative: means a corporation which has elected to be governed by this chapter. See

§ 1092. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger

(a) If any worker cooperative revokes its election in accordance with section 1084 of this title, the articles of association or articles of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with chapter 17 of this title.

(b) A worker cooperative may not consolidate or merge with another corporation unless the corporation which results from such merger or consolidation is a worker cooperative. All such mergers and consolidations shall be in accordance with subchapter 9 of chapter 17 of this title. (Added 1985, No. 46, § 1.)