HB 2767
Establishing workers cooperative corporations
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a legal framework for establishing ‘workers cooperative corporations’ in West Virginia. It defines key terms like ‘worker cooperative’ and ‘capital account cooperative,’ outlining specific requirements for these corporations, including how they are governed and how profits and losses are distributed among members. The bill also establishes criteria for dissolution and consolidation, prioritizing the distribution of unallocated capital to members based on their contributions and patronage.
Key provisions
- Defines ‘worker cooperative’ and ‘capital account cooperative’ with specific criteria.
- Requires worker cooperatives to include a statement indicating their status in their articles of incorporation.
- Allows worker cooperatives to establish a capital account to track member contributions and retain earnings.
- Specifies that distribution of unallocated capital upon dissolution is based on patronage, capital contributions, or a combination thereof.
- Limits consolidation to other worker cooperatives.
- Establishes a process for the allocation of unallocated capital upon dissolution.
- Sets a limit on the initial investment per worker member ($5,000).
- Allows for the possibility of a collective board structure.
Who is affected
- Employees
- Small Business Owners
- West Virginia Residents
- Cooperatives
- Community Organizations
Notable changes
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