A. No shares other than membership shares shall be given voting rights in a worker cooperative.
B. The power to amend or repeal bylaws of a worker cooperative shall be in the members only, except to the extent that directors are authorized to amend or repeal the bylaws.
C. Voting on amendments to the articles of incorporation of a worker cooperative shall be limited to the members qualified to vote membership shares.
D. Each member with a membership share shall have one vote in any matter requiring voting by shareholders.
2020, c. 673.
Structure Code of Virginia
Chapter 3 - Cooperative Associations
§ 13.1-301. Organization of cooperative associations; purposes; name; par value stock required
§ 13.1-301.1. Amendments to articles of incorporation
§ 13.1-301.2. Adoption, change or repeal of bylaws; subject matter
§ 13.1-302. Limitation of individual stockholding
§ 13.1-303. Investment in other stock
§ 13.1-304. Purchase of business by issue of shares of stock
§ 13.1-305. Rights of subscribers before full payment
§ 13.1-306. Distribution of earnings
§ 13.1-307. Permissible limitation of stock ownership or voting rights
§ 13.1-308. Limitation of use of "cooperative" in corporate name
§ 13.1-309. Other cooperatives may come under article
§ 13.1-309.1. Foreign cooperatives
§ 13.1-310. Cooperative associations may give certain liens on rotating stocks
§ 13.1-311.1. Provisions relating to dissolution of and revocation of certificates of associations
§ 13.1-312. Liberal construction of article
§ 13.1-314. Qualification of incorporators
§ 13.1-316. Articles of incorporation
§ 13.1-317. Filing and recording articles of incorporation
§ 13.1-318. Amendments to the articles of incorporation
§ 13.1-322. Membership or voting stock certificates; transfers; dividends; nonvoting stock
§ 13.1-323. General and special meetings; how called
§ 13.1-324. Directors generally; executive committee
§ 13.1-325. Removal of director
§ 13.1-326. Officers generally
§ 13.1-327. Removal of officer
§ 13.1-329. Marketing contracts; enforcement; inducing breach; spreading false reports
§ 13.1-330. Recordation of marketing contracts
§ 13.1-331. Associations are not in restraint of trade
§ 13.1-332. Voluntary dissolution
§ 13.1-334. Application to existing associations
§ 13.1-336. Limitations of the use of the word "cooperative."
§ 13.1-337. Foreign associations
§ 13.1-338. Purchasing business of other associations, persons, firms or corporations; stock issued
§ 13.1-339. Merger or consolidation
§ 13.1-340. Sale, mortgage or other disposition of assets
§ 13.1-343. Application of general corporation laws
§ 13.1-344. Existing associations continued
§ 13.1-345. Verification no longer required; signing instrument containing misstatement as perjury
§ 13.1-347. Formation of worker cooperative; purpose
§ 13.1-349. Application of other laws
§ 13.1-350. Revocation of election to be governed as worker cooperative; limitation on mergers
§ 13.1-351. Qualifications of members; membership shares
§ 13.1-353. Net earnings or losses; apportionment, distribution, and payment
§ 13.1-354. Internal capital accounts; redemption of shares; collective reserve account