1. The articles of incorporation or bylaws of a worker cooperative may establish the worker cooperative as an internal capital account cooperative.
2. Each member of an internal capital account cooperative shall have one vote.
3. An internal capital account cooperative shall:
(a) Credit the membership fee and additional capital paid by a member to the internal capital account of that member; and
(b) Record the apportionment of retained net earnings or losses to the members in accordance with patronage by appropriately crediting or debiting the internal capital account of each member.
4. The capital reserve account in an internal capital account cooperative must reflect any capital, net losses and retained net earning not allocated to individual members.
5. The balances in every internal capital account and collective reserve account, if applicable, must 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.
6. As used in this section, “internal capital account cooperative” means a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member, and a collective reserve account.
(Added to NRS by 2019, 913)
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