§ 1092 - Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
§ 1092. Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
(a) If any worker cooperative revokes its election in accordance with section 1084, the articles of association or articles 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 chapter 17.
(b) A worker cooperative may not consolidate or merge with another corporation unless the corporation which results from such merger or consolidation is a worker cooperative. All such mergers and consolidations shall be in accordance with subchapter 9 of chapter 17. (Added 1985, No. 46, § 1.)