Virginia Code 56-231.46: Members.
A. A cooperative may have one or more classes of members. If the cooperative has more than one class of members, the designation of each class and the qualifications and rights of the members of each class shall be set forth in the bylaws of the cooperative.
Terms Used In Virginia Code 56-231.46
- Cooperative: means a power supply cooperative formed under the former Power Supply Cooperatives Act (§ 56-231. See Virginia Code 56-231.38
- Member: means any person that holds any class of membership in a cooperative. See Virginia Code 56-231.38
- Obligations: means all evidences of indebtedness issued by or the payment of which is assumed by a cooperative. See Virginia Code 56-231.38
- Patronage capital: includes all amounts received by a cooperative from the sale of electric power to members in excess of the cooperative's cost of furnishing electric power to members and such other margins as determined by the Board. See Virginia Code 56-231.38
- Person: means and includes natural persons, firms, associations, cooperatives, corporations, limited liability companies, business trusts, partnerships, limited liability partnerships and bodies politic. See Virginia Code 56-231.38
B. Such cooperative shall issue to its members nontransferable certificates of membership. Members shall be entitled to vote in accordance with the articles of incorporation or, if the articles of incorporation so provide, the bylaws. The liability of each member shall be limited to the unpaid portion of its membership fee or subscription to capital stock and its contractual obligations to the cooperative. The equity of members of a nonstock cooperative shall be in proportion to the patronage capital paid such cooperative.
C. No person shall become or remain a member unless it has complied with the terms and conditions of membership contained in the bylaws of the cooperative.
1999, c. 874.