Subdivision 1. Stock and nonstock cooperatives have same authority. Cooperatives organized on a capital stock basis may be organized and have the same powers and authority as cooperatives organized without capital stock on a membership basis.
Subd. 2. Capital stock organization. A cooperative is organized on a capital stock basis if holding shares of common stock entitles the holder of the stock to vote.
Subd. 3. Nonstock organization. (a) The articles of a nonstock cooperative must contain the provisions required in the articles of a cooperative organized on a capital stock basis if the provisions are applicable to a cooperative organized upon a membership basis.
(b) Except for cooperatives constituted partially or entirely of other cooperatives, a member of a cooperative organized on a membership basis may not have more than one vote, and a membership is transferable only with the consent and approval of the board.
History: 1989 c 144 art 1 s 9
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