RCW 23.78.100
Provision for conversion of shares and accounts—Limitations upon merger.
(1) When any employee cooperative revokes its election in accordance with RCW 23.78.030, the articles of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with Title 23B RCW.
(2) An employee cooperative that has not revoked its election under this chapter may not merge with another corporation other than an employee cooperative. Two or more employee cooperatives may merge in accordance with RCW 23B.01.200, 23B.07.050, and chapter 23B.11 RCW.
[ 1991 c 72 § 14; 1987 c 457 § 11.]
Structure Revised Code of Washington
Title 23 - Corporations and Associations (Profit) (Business Corporation Act: See Title 23b Rcw)
Chapter 23.78 - Employee Cooperative Corporations.
23.78.020 - Election by corporation to be governed as an employee cooperative—Laws governing.
23.78.030 - Revocation of election.
23.78.050 - Members—Membership shares.
23.78.060 - Right to vote—Power to amend or repeal bylaws—Right to amend articles of incorporation.
23.78.070 - Net earnings or losses—Apportionment, distribution, and payment.
23.78.090 - Internal capital account cooperatives.
23.78.100 - Provision for conversion of shares and accounts—Limitations upon merger.