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Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 81.933. Membership shares; voting power of shares other than membership shares

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Each member shall own one membership share, and only members may own such shares.

2. Membership shares:

(a) Must be issued for a fee determined by the board of directors of the worker cooperative.

(b) Must not be considered a security.

3. Except as otherwise provided in subsection 4:

(a) No shares of the corporation other than membership shares may be given voting power in a worker cooperative.

(b) The power to amend or repeal the bylaws of a worker cooperative may only be given to the members.

4. An amendment that adversely affects the rights of the holders of corporate shares other than membership shares may not be adopted without the vote of such shareholders pursuant to chapter 78 of NRS.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 7. Business Associations; Securities; Commodities § 81.933. Membership shares; voting power of shares other than membership shares - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-7-business-associations-securities-commodities/nv-rev-st-81-933/

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