15 Pennsylvania Consolidated Statutes Chapter 77 - Workers' Cooperative Corporations

• Chapter Notes
• Section 7701 - Short Title Of Chapter
  This chapter shall be known and may be cited as the Workers' Cooperative Corporation Law of 1988. (Dec. 19, 1990, P.L.834, No.198, eff. imd.)...
• Section 7702 - Definitions
  The following words and phrases when used in this chapter shall have the meanings given to them in this section unless the context clearly...
• Section 7703 - Corporations
  (a) Members and purpose.--Corporations, productive and distributive, may be incorporated under this chapter, upon compliance with its requirements, by five or more farmers, mechanics,...
• Section 7704 - Articles Of Incorporation
  (a) Advertisement.--The incorporators shall advertise their intention to file or the corporation shall advertise the filing of articles of incorporation with the department one...
• Section 7705 - Capital Stock
  (a) Issuance and redemption.--A corporation shall issue as capital stock a class of voting common stock designated as membership shares only to those individuals...
• Section 7706 - Internal Capital Accounts And Net Worth
  (a) Purpose of accounts.--A corporation shall establish through its bylaws a system of internal capital accounts to reflect the book value of the corporation...
• Section 7707 - Voting
  No stockholder or member may vote by proxy or by mail.
• Section 7708 - Acceptance And Termination Of Membership
  The articles of incorporation shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member...
• Section 7709 - Power To Buy, Sell Or Trade
  A corporation may buy from, sell to and trade or deal with its members or other persons.
• Section 7710 - Individual Liability Of Members
  Neither members of a corporation nor the estates of members shall be individually liable for the debts of the corporation.
• Section 7711 - Corporate Powers
  Each corporation has the following powers: (1) To exist for the period of time set forth in its articles of incorporation unless sooner dissolved...
• Section 7712 - Investment Of Capital Stock In Other Corporations
  If the articles permit, a corporation may, by a majority vote of its members at a meeting specially convened, authorize the directors to invest,...
• Section 7713 - Meetings
  After the organization of a corporation, the incorporators shall hold an organizational meeting at a time and place fixed by the board of directors...
• Section 7714 - Records
  (a) Records requirement.--A corporation shall keep at its registered office or principal place of business a record of the proceedings of the members and...
• Section 7715 - Audit
  (a) Procedure.--At the close of each fiscal year, a complete certified audit of the operations of the corporation shall be made by a qualified...
• Section 7716 - Directors And Officers
  (a) Directors.-- (1) The business of the corporation shall be managed by a board of not less than five directors, who shall be natural...
• Section 7717 - Patronage Distributions
  (a) Procedure.--Net earnings of a corporation may be apportioned, distributed and paid periodically on the basis of patronage to those persons entitled to receive...
• Section 7718 - Indemnity
  (a) Mandatory.--A corporation shall indemnify a person acting as a director, officer, employee or agent of the corporation or acting at the request of...
• Section 7719 - Unlawful Dividends
  (a) Insolvency.--For shares of the corporation other than membership shares, the board of directors may declare and the corporation may pay dividends on its...
• Section 7720 - Amendments Of Articles
  (a) Purpose and voting.--A corporation may amend its articles of incorporation for any purpose authorized by this chapter, including an increase in the amount...
• Section 7721 - Bylaws
  (a) Adoption, amendment and repeal.--The corporation, before commencing business, shall adopt bylaws not inconsistent with law or its articles of incorporation. The bylaws may...
• Section 7722 - Benefits Bestowed On Associations By Compliance With This Chapter
  A cooperative association, whether incorporated or unincorporated, shall be entitled to all the benefits of this chapter by complying with its provisions; may, by...
• Section 7723 - Dissolution
  (a) General rule.--A corporation may dissolve and wind up; may merge with other corporations; and may sell to, lease to or exchange with other...
• Section 7724 - Conversion To A Corporation Governed By The Business Corporation Law
  (a) Amendment of articles.--A corporation may revoke its election to be governed by this chapter by filing an adopted amendment to its articles of...
• Section 7725 - Savings Provisions
  (a) General rule.--In relation to a corporation existing on the effective date of this chapter, the provisions of this chapter do not impair or...
• Section 7726 - Applicability
  (a) General rule.--This chapter shall apply to domestic corporations incorporated under this chapter. (b) Existing corporations.--This chapter shall apply to existing domestic corporations incorporated...

Last modified: October 8, 2016