§ 33-418i

(a) The certificate of incorporation or bylaws of a worker cooperative shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless such person is (1) employed by the worker cooperative on a full-time or part-time basis, or (2) a nonprofit organization, provided no less than fifty per cent of all employees shall be members.(b) A worker cooperative shall issue a class of voting stock designated as 'membership shares'. Each member shall own only one such membership share, and only members may own such shares.(c) Membership shares shall be issued for a fee as shall be determined from time to time by the board of directors. Section 33-671 and subdivision (6) of subsection (b) of section 33-683 shall not apply to such membership shares. Sections 33-855 to 33-872, inclusive, shall not apply to membership shares whose redemption price is determined by reference to internal capital accounts, as defined in section 33-418m.(d) Members of a worker cooperative shall have all the rights and responsibilities of stockholders of a corporation formed under chapter 601, except as otherwise provided in this chapter.(P.A.

3-418m.(d) Members of a worker cooperative shall have all the rights and responsibilities of stockholders of a corporation formed under chapter 601, except as otherwise provided in this chapter.(P.A. 84-430, S. 6, 14; P.A. 96-271, S. 171, 172, 254; P.A. 18-27, S. 2.)History: P.A. 96-271 amended Subsec. (c) to replace reference to 'Sections 33-342, 33-346 and 33-347' with 'Section 33-671 and subdivision (6) of subsection (b) of section 33-683' and replace reference to 'Sections 33-373 and 33-374' with 'Sections 33-855 to 33-872, inclusive,' and amended Subsec. (d) to replace reference to 'chapter 599' with 'chapter 601', effective January 1, 1997; P.A. 18-27 amended Subsec. (a) by designating existing provisions re person employed by worker cooperative as Subdiv. (1), adding Subdiv. (2) re nonprofit organization, and making technical changes.