23.78.100 - Provision for conversion of shares and accounts -- Limitations upon merger.

Provision for conversion of shares and accounts — Limitations upon merger.

(1) When any employee cooperative revokes its election in accordance with RCW 23.78.030, the 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 Title 23B RCW.

     (2) An employee cooperative that has not revoked its election under this chapter may not merge with another corporation other than an employee cooperative. Two or more employee cooperatives may merge in accordance with RCW 23B.01.200, 23B.07.050, and chapter 23B.11 RCW.

[1991 c 72 § 14; 1987 c 457 § 11.]