Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger (a) If any worker cooperative revokes its election in accordance with section 1084 of this title, the articles of incorporation or 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 11A. (b) A worker cooperative may not consolidate or merge with another corporation unless the corporation that results from such merger or consolidation is a worker cooperative. All such mergers and consolidations shall be in accordance with 11A V.S.A. chapter 11. (Added 1985, No. 46, § 1; amended 2023, No. 85 (Adj. Sess.), § 24, eff. July 1, 2024.)
Vermont Legal Code