                                 CODE OF VIRGINIA

MEMBERS (§ 56-231.46)

A. A cooperative may have one or more classes of members. If the cooperative has
more than one class of members, the designation of each class and the
qualifications and rights of the members of each class shall be set forth in the
bylaws of the cooperative.

B. Such cooperative shall issue to its members nontransferable certificates of
membership. Members shall be entitled to vote in accordance with the articles of
incorporation or, if the articles of incorporation so provide, the bylaws. The
liability of each member shall be limited to the unpaid portion of its
membership fee or subscription to capital stock and its contractual obligations
to the cooperative. The equity of members of a nonstock cooperative shall be in
proportion to the patronage capital paid such cooperative.

C. No person shall become or remain a member unless it has complied with the
terms and conditions of membership contained in the bylaws of the cooperative.

HISTORY: 1999, c. 874.