summary
Introduced
01/23/2017
01/23/2017
In Committee
03/22/2018
03/22/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation to support the establishment of employee cooperatives. Labor and Workforce Development.
AI Summary
This bill aims to support the establishment of employee cooperatives. It introduces the concept of "specialized membership shares" that allow the original business owner to temporarily hold shares that are not subject to the usual requirements for cooperative membership shares. The original owner can retain these specialized shares while agreeing to a timeline for selling them to the general membership. The bill also specifies that dividends from these specialized shares are not disbursed on a patronage basis, but rather at a predetermined rate agreed upon by the original owner and worker-owners at the start of the cooperative conversion.
Committee Categories
Labor and Employment
Sponsors (2)
Last Action
Bill reported favorably by committee and referred to the committee on Senate Rules (on 03/22/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/S993 |
| Bill | https://malegislature.gov/Bills/190/S993.pdf |
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