This bill aims to establish a framework for the creation and operation of workers cooperative corporations in West Virginia, designated as the West Virginia Workers Cooperative Corporations Act. It introduces new articles to the Code of West Virginia, defining key terms and outlining the purpose of these cooperatives, which is to promote sustainable jobs, employee wealth, and community-focused economic activities. The bill allows for the designation of a corporation as a workers cooperative in its articles of incorporation and provides guidelines for the distribution of net earnings and losses among members.

Additionally, the bill specifies the requirements for the articles of incorporation, including the necessity for a statement indicating the cooperative's status and the option to establish a capital account cooperative. It also details the criteria for dissolution, ensuring that upon dissolution, the unallocated capital account is distributed to members based on patronage or capital contributions. The legislation emphasizes the importance of employee ownership and community benefit, while also allowing for flexibility in governance and financial management within these cooperatives.

Statutes affected:
Introduced Version: 31D-18-1801, 31D-18-1802, 31D-18-1803, 31D-18-1804, 31D-18-1805