Sec. 1138.
Prior to accepting a person as a member or any membership fee or member capital, a cooperative shall advise the person in writing of the items in subdivisions (a) to (g). A cooperative shall also conspicuously state on each membership certificate the items in subdivisions (a), (e), and (f):
(a) A statement that the corporation is a cooperative subject to this act and under what act it is organized.
(b) A statement that the purpose of becoming a member of a cooperative is to assure access to the goods, services, and facilities of the cooperative and not to gain profit.
(c) A statement of voting rights and rights to notice of meetings of members.
(d) A statement of the qualifications for admission to and retention of membership and the right of the cooperative to terminate membership, if any.
(e) A statement of the restrictions, if any, on the transfer of memberships.
(f) A statement of the rights to redemption of a member capital, if any, or a statement that member capital is not redeemable.
(g) A statement of the right of members to call special meetings or cause a mail ballot, to receive annual reports, and to secure other material information concerning the cooperative.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985
Structure Michigan Compiled Laws
Act 162 of 1982 - Nonprofit Corporation Act (450.2101 - 450.3192)
162-1982-11 - Chapter 11 (450.3100...450.3192)
Section 450.3100 - Short Title.
Section 450.3101 - Applicability of Act and Chapter; Amendment of Articles or Bylaws; Exemption.
Section 450.3102 - Controlling Definitions.
Section 450.3103 - Definitions; C to F.
Section 450.3104 - Definitions; I to U.
Section 450.3107 - Inconsistent Provisions Inapplicable to Chapter.
Section 450.3121 - Articles of Incorporation; Requirement.
Section 450.3125 - Adoption of Initial Bylaws; Ratification or Amendment; Contents of Bylaws.
Section 450.3131 - Organization on Nonstock Membership Basis.
Section 450.3132 - Membership; Notice of Qualifications.
Section 450.3133 - Classification.
Section 450.3136 - Certificate; Issuance; Contents; Restrictions on Dividends.
Section 450.3137 - Nonvoting Investment Certificate or Bond.
Section 450.3138 - Advising Persons in Writing; Statement on Membership Certificate.
Section 450.3141 - Meetings; Petitions; Signatures; Quorum.
Section 450.3143 - Alternative Notice of Regular Meeting.
Section 450.3144 - Proxies; Voting by Mail Ballot, Referendum, or Electronic Transmission.
Section 450.3145 - Amendments; Affirmative Vote of Majority.
Section 450.3146 - Effective Date of Adopted Action; Confirmation Vote; Filing With Administrator.
Section 450.3147 - Dispute Resolution Body.
Section 450.3151 - Initial Board of Directors; Membership; Term.
Section 450.3152 - Board of Directors; Election or Appointment Other Than by Vote of Membership.
Section 450.3162 - Distribution of Assets Generally.