Virginia Code 13.1-346: Definitions.
As used in this article:
Terms Used In Virginia Code 13.1-346
- 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.
- Member: means an individual who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See Virginia Code 13.1-346
- Worker: means an individual employed by a worker cooperative. See Virginia Code 13.1-346
- Worker cooperative: means a corporation incorporated under the provisions of Article 3 (§ Virginia Code 13.1-346
“Collective reserve account” means an account on the corporate books representing the worker cooperative’s entire net book value minus balances in any other equity accounts.
“Member” means an individual who has been accepted for membership in, and owns a membership share issued by, a worker cooperative.
“Membership fee” means an initial payment, if required by the articles of incorporation or bylaws of the worker cooperative, made by a worker to a worker cooperative as a condition of becoming a member.
“Patronage” means the amount of work performed for a worker cooperative, measured in accordance with criteria set forth in the articles of incorporation or bylaws of the worker cooperative.
“Worker” means an individual employed by a worker cooperative.
“Worker cooperative” means a corporation incorporated under the provisions of Article 3 (§ 13.1-618 et seq.) of Chapter 9 that has elected to be governed by this article.
2020, c. 673.