Code of Alabama - Title 10A: Alabama Business and Nonprofit Entities Code - Chapter 11 - Employee Cooperative Corporations

• Section 10A-11-1.01 Short title
  This chapter and the provisions of (A) Chapter 1 and (B) Chapter 2 or Chapter 2A, as applicable, to the extent applicable to employee cooperative...
• Section 10A-11-1.02 Definitions
  As used in this chapter, the following words shall have the following meanings: (1) COLLECTIVE RESERVE ACCOUNT. An internal capital account that represents the portion...
• Section 10A-11-1.03 Election as employee cooperative
  Any corporation governed by the Alabama Business Corporation Law may elect to be governed as an employee cooperative under this chapter, by so stating in...
• Section 10A-11-1.04 Revocation
  An employee cooperative may revoke its election under this chapter by a vote of two-thirds of the members and through articles of amendment filed in...
• Section 10A-11-1.05 Corporate name
  An employee cooperative may include the word "cooperative" or "co-op" in its corporate name, provided, however, that the name shall not include the words "electric"...
• Section 10A-11-1.06 Members; membership shares; rights and responsibilities
  (a) The governing documents shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless...
• Section 10A-11-1.07 Directors and officers
  (a) The bylaws of an employee cooperative shall provide for the election, terms, classification, if any, and removal of directors and officers. (b) Nonmembers may...
• Section 10A-11-1.08 Voting power; amendment or repeal of bylaws; protection of stockholders
  (a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter. (b)...
• Section 10A-11-1.09 Apportionment, etc., of net earnings or losses
  (a) The net earnings or losses of an employee cooperative shall be apportioned and distributed at such times and in such manner as the governing...
• Section 10A-11-1.10 Internal capital accounts
  (a) Any employee cooperative may establish through its governing documents a system of internal capital accounts, to reflect the book value and to determine the...
• Section 10A-11-1.11 Internal capital account cooperatives
  (a) An internal capital account cooperative is a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member,...
• Section 10A-11-1.12 Conversion of membership shares, etc.; merger of employee cooperatives
  (a) When an employee cooperative revokes its election in accordance with Section 10A-11-1.04, the certificate of amendment shall provide for conversion of membership shares and...

Last modified: May 3, 2021