The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
(Cite as: 11 V.S.A. § 1091)
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§ 1091. Internal capital account cooperatives
(a) An internal capital account cooperative is a worker cooperative whose entire net book
value is reflected in internal capital accounts, one for each member, and a collective
account, and in which no persons other than members own capital stock. In an internal
capital account cooperative, each member shall have one and only one vote in any matter
requiring voting by stockholders.
(b) An internal capital account cooperative shall credit the paid-in membership fee and
additional paid-in capital of a member to the member’s internal capital account, and
shall also record the apportionment of retained net earnings or net losses to the
members in accordance with patronage by appropriately crediting or debiting the internal
capital accounts of members. The collective account in an internal capital account
cooperative shall reflect any paid-in capital, net losses, and retained net earnings
not allocated to individual members.
(c) In an internal capital account cooperative, the balances in all the individual internal
capital accounts and collective account, if any, shall be adjusted at the end of each
accounting period so that the sum of the balances is equal to the net book value of
the worker cooperative. (Added 1985, No. 46, § 1.)