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HOUSE BILL 1708
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State of Washington 52nd Legislature 1991 Regular Session
By Representatives Cantwell, Forner, Sheldon, Jacobsen, Pruitt and Wineberry; by request of Department of Community Development.
Read first time February 6, 1991. Referred to Committee on Judiciary. Referred 2/14/91 to Committee on Trade & Economic Development.
AN ACT Relating to employee cooperative corporations; and amending RCW 23.78.060.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 23.78.060 and 1991 c 72 s 12 are each amended to read as follows:
(1) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter, or in the articles of incorporation.
(2) The power to amend or repeal bylaws of an employee cooperative shall be in the members only, except to the extent that directors are specifically authorized to amend or repeal the bylaws by vote of the members or in accordance with articles of incorporation. Nothing in this subsection shall be construed to conflict with the provisions of RCW 23B.10.200(2).
(3) Except as otherwise permitted by RCW 23B.10.040, no capital stock other than membership shares shall be permitted to vote on any amendment to the articles of incorporation.