VA HB55 | 2020 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on November 30 2019 - 25% progression
Action: 2019-11-30 - Committee Referral Pending
Text: Latest bill text (Prefiled) [HTML]

Summary

Worker cooperatives. Establishes worker cooperatives as a category of cooperative associations. A worker cooperative is a stock corporation that has elected to be governed by provisions established by this measure, which include (i) conducting its business primarily for the mutual benefit of its members, (ii) allowing only current and retired employees to be members, (iii) limiting voting rights to current employees, (iv) providing that each employee is entitled to one vote, (v) prohibiting any person from owning more than one membership share, (vi) requiring at least two-thirds of employees to own membership shares, and (vii) requiring that net earnings be paid or credited to members in accordance with the ratio that each member's amount of work performed during a period bears to the total amount of work performed by all members during that period.

Tracking Information

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Title

Worker cooperatives; established as a category of cooperative associations.

Sponsors


History

DateChamberAction
2019-11-30HouseCommittee Referral Pending
2019-11-30HousePrefiled and ordered printed; offered 01/08/20 20100832D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
131301(n/a)See Bill Text
131307(n/a)See Bill Text
131308(n/a)See Bill Text
131346(n/a)See Bill Text
131355(n/a)See Bill Text

Virginia State Sources


Bill Comments

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