HB 55

Abstract

Worker cooperatives. Establishes worker cooperatives as a category of cooperative associations. A worker cooperative is a stock corporation that has elected to be governed by provisions established by this measure, which include (i) conducting its business primarily for the mutual benefit of its members, (ii) allowing only current and retired employees to be members, (iii) limiting voting rights to current employees, (iv) providing that each employee is entitled to one vote, (v) prohibiting any person from owning more than one membership share, (vi) requiring at least two-thirds of employees to own membership shares, and (vii) requiring that net earnings be paid or credited to members in accordance with the ratio that each member's amount of work performed during a period bears to the total amount of work performed by all members during that period.

Worker cooperatives. Establishes workercooperatives as a category of cooperative associations. A workercooperative is a stock corporation that has elected to be governedby provisions established by this measure, which include (i) conductingits business primarily for the mutual benefit of its members, (ii)allowing only current and retired employees to be members, (iii)limiting voting rights to current employees, (iv) providing that each employee is entitled to one vote, (v) prohibiting any personfrom owning more than one membership share, (vi) requiring at leasttwo-thirds of employees to own membership shares, and (vii) requiringthat net earnings be paid or credited to members in accordance withthe ratio that each member's amount of work performed during a periodbears to the total amount of work performed by all members duringthat period.