                                 CODE OF VIRGINIA

DEFINITIONS (§ 13.1-346)

As used in this article:
		&#8220;Collective reserve account&#8221; means an account on the corporate
books representing the worker cooperative&#8217;s entire net book value minus
balances in any other equity accounts.
		&#8220;Member&#8221; means an individual who has been accepted for membership
in, and owns a membership share issued by, a worker cooperative.
		&#8220;Membership fee&#8221; 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.
		&#8220;Patronage&#8221; 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.
		&#8220;Worker&#8221; means an individual employed by a worker cooperative.
		&#8220;Worker cooperative&#8221; 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: 2020, c. 673.