2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.3134 Cooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers.
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Act 162 of 1982 450.3134 Cooperative organized on member capital basis, member fee basis, or basis combining member capital and membership fee; powers. Sec. 1134. (1) A cooperative which is organized on a member capital basis or on a basis combining member capital and membership fee may provide for any of the following, if such provision is set forth in the articles or bylaws: (a) A maximum member capital to be held by any 1 member. (b) Transfer of member capital pursuant to section 304(6). (c) Mandatory contribution or contributions of member capital as a condition or conditions of admission to or retention of membership, including but not limited to initial capital contributions, surcharges, and distributions of net savings pursuant to section 1135. (d) A dividend on membership capital, not to exceed 8% per year. (e) Special assessments on members. (2) A cooperative which is organized on a membership fee basis or on a basis combining member capital and membership fee may provide for either or both of the following as a condition or conditions of admission to or retention of membership in the cooperative, if such a provision is set forth in its articles or bylaws: (a) The charging of a nonredeemable initial or periodic membership fee or fees. (b) Nonredeemable special assessments on members.
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