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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 062 - Cooperatives
Section 62.774 - Qualifications of members; membership shares; rights of members.
Universal Citation: OR Rev Stat § 62.774 (2017)
(1) The articles of incorporation or the bylaws shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the employee cooperative on a full-time or part-time basis.
(2) An employee cooperative shall issue a class of voting shares designated as membership shares. Each member shall own only one such membership share and only members may own such shares.
(3) Membership shares shall be issued for a fee as shall be determined from time to time by the directors. The redemption price of membership shares is determined by reference to internal capital accounts as described in ORS 62.783.
(4) Members of an employee cooperative shall have all the rights and responsibilities of shareholders of a corporation organized under this chapter, except as otherwise provided in ORS 62.765 to 62.792. [1987 c.677 §16; 1989 c.171 §8]
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