                                 CODE OF VIRGINIA

REVOCATION OF ELECTION TO BE GOVERNED AS WORKER COOPERATIVE; LIMITATION ON
MERGERS (§ 13.1-350)

A. A worker cooperative may revoke its election to be governed as a worker
cooperative under this article by a vote of two-thirds of the members and
through filing appropriate articles of amendment in accordance with &#xA7;
13.1-710.

B. When any worker cooperative revokes its election in accordance with
subsection A, the articles of amendment shall provide for conversion of
membership shares and internal capital accounts or their conversion to
securities or other property in a manner consistent with Chapter 9 (&#xA7;
13.1-601 et seq.).

C. A worker cooperative may not merge with another corporation other than a
worker cooperative. Two or more worker cooperatives may merge in accordance with
Article 12 (&#xA7; 13.1-715.1 et seq.) of Chapter 9.

HISTORY: 2020, c. 673.