Corporations, Associations, and Partnerships

Workers' Cooperatives

SECTION 7-6.2-7

§ 7-6.2-7. Voting shares – Bylaws – Amendment of certificate of incorporation. [Effective January 1, 2018.].

(a) No capital stock other than membership shares shall be given voting power in a workers' cooperative, except as otherwise provided in this chapter.

(b) Notwithstanding the provisions of §§ 7-1.2-201 and 7-1.2-202 and §§ 7-1.2-901 – 7-1.2-907, the power to amend or repeal bylaws of a workers' cooperative shall be vested in the members only, except to the extent that directors are authorized to amend or repeal the bylaws in accordance with the certificate of incorporation.

(c) The provisions of §§ 7-1.2-901 – 7-1.2-907 shall be construed to limit voting on any amendment of the certificate of incorporation of a workers' cooperative to the members, except that nonmember stockholders shall participate in such voting in accordance with § 7-1.2-903 where a proposed amendment would adversely affect the rights of such nonmember stockholders as provided in § 7-1.2-904.

History of Section.
(P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)