§4A–12A–05.    NOT IN EFFECT

    ** TAKES EFFECT OCTOBER 1, 2026 PER CHAPTERS 198 AND 199 OF 2025 **

    (a)    This section does not apply to a collective worker cooperative.

    (b)    After a limited worker cooperative association is formed:

        (1)    If initial representatives are named in the articles of organization, the initial representatives shall hold an organizational meeting to adopt the cooperative agreement and carry on any other business necessary or proper to complete the organization of the association; or

        (2)    If initial representatives are not named in the articles of organization, the person who has caused the articles to be executed and filed for record shall designate the initial representatives and call a meeting of the initial representatives to adopt an initial cooperative agreement and carry out any other business necessary and proper to complete the organization of the association.

    (c)    Unless provided otherwise in the articles of organization, the initial representatives may cause the limited worker cooperative association to accept members.

    (d)    Initial representatives of a limited worker cooperative association need not be members of the association.

    (e)    An initial representative serves until:

        (1)    A successor is elected and qualifies at an assembly meeting; or

        (2)    The representative is removed.