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HB55

Worker cooperatives; established as a category of cooperative associations.

Status:
In Senate

Latest Action: Feb. 4, 2020
Senate: Constitutional reading dispensed

Chief Patron:
Lee Carter (D)

Session:
2020 Regular Session

Summary

As introduced. Worker cooperatives.

Establishes worker cooperatives as a category of cooperative associations. A worker cooperative is a stock corporation that has elected to be governed by provisions established by this measure, which include (i) conducting its business primarily for the mutual benefit of its members, (ii) allowing only current and retired employees to be members, (iii) limiting voting rights to current employees, (iv) providing that each employee is entitled to one vote, (v) prohibiting any person from owning more than one membership share, (vi) requiring at least two-thirds of employees to own membership shares, and (vii) requiring that net earnings be paid or credited to members in accordance with the ratio that each member's amount of work performed during a period bears to the total amount of work performed by all members during that period. (Less)
  • Bill History

  • 11/30/2019 - House: Prefiled and ordered printed; offered 01/08/20 20100832D
  • 11/30/2019 - House: Referred to Committee on Labor and Commerce
  • 01/14/2020 - House: Impact statement from DPB (HB55)
  • 01/28/2020 - House: Reported from Labor and Commerce (10-Y 8-N)
  • 01/30/2020 - House: Read first time
  • 01/31/2020 - House: Read second time and engrossed
  • 02/03/2020 - House: Read third time and passed House (62-Y 36-N)
  • 02/03/2020 - House: VOTE: Passage (62-Y 36-N)   Close Floor Vote
  • 02/04/2020 - Senate: Constitutional reading dispensed
  • 02/04/2020 - Senate: Referred to Committee on Commerce and Labor