Public-domain · open source
OpenJurist

Conn. Gen. Stat. § 33-418o

Conversion of shares upon revocation of election. Consolidation or merger restricted

Known as the Worker Cooperative Corporations Act

The act spans §§ 33–33 (10 sections).

(P.A. 84-430, S. 12, 14; P.A. 96-271, S. 176, 254.) History: P.A. 96-271 amended Subsec

(a) When a worker cooperative revokes its election in accordance with subsection (b) of section 33-418h , the certificate of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with the provisions of chapter 601.

(b) A worker cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than a worker cooperative. Two or more worker cooperatives may consolidate or merge in accordance with sections 33-815 , 33-817 , 33-819 and 33-820 and subdivision (1) of subsection (a) of section 33-856 .

Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.