CODE OF VIRGINIA

FORMATION OF WORKER COOPERATIVE; PURPOSE (§ 13.1-347)

A. Any corporation incorporated under Article 3 (§ 13.1-618 et seq.) of
Chapter 9 may elect to be governed as a worker cooperative in accordance with
the provisions of this article by so stating in its articles of incorporation or
articles of amendment filed in accordance with § 13.1-710. The offering of
an employee stock ownership plan governed by 26 U.S.C. § 401 by a
corporation incorporated under Article 3 (§ 13.1-618 et seq.) of Chapter 9
to its employees shall not be considered an election to be governed as a worker
cooperative.

B. A worker cooperative may be formed for any lawful purpose, provided that it
shall be organized and shall conduct its business primarily for the mutual
benefit of its members.

HISTORY: 2020, c. 673.