§ 13.1-346 Definitions
As used in this article: “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.
History
This law was first created in 2020. The record of its establishment is cataloged in chapter 673 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2020, c. 673.