Civil law. Parts I, III and IV. Production cooperative (most important)

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Civil law. Parts I, III and IV. Production cooperative (most important)

Lecture notes, cheat sheets

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14. PRODUCTION COOPERATIVE

Production cooperative (artel) - a commercial organization created to conduct joint activities on the basis of personal labor and other participation, the property of which consists of the shares of its members.

Like partnerships, members of a cooperative bear subsidiary liability for its debts in the amount and in the manner prescribed by law and the charter of the cooperative, and therefore the law does not provide for a minimum level of authorized capital for a cooperative.

The number of cooperators must be at least five persons, and they are not required to be entrepreneurs. The number of members of a cooperative who do not take personal labor participation in its activities should be no more than 25% of the total number of working cooperators.

The property of the cooperative consists of share contributions of its members (share fund), as well as property constituting an indivisible fund used for statutory purposes.

By the time of registration of the cooperative, at least 10% of the share fund must be paid, the rest - within one year from the date of registration.

The distribution of profits and liquidation balance between cooperators is usually made in accordance with their labor participation.

The supreme governing body of a cooperative is the general meeting of its members, which forms executive bodies from its members, and, if necessary, a supervisory board. Each cooperator at the meeting has one vote. When leaving the cooperative, its member has the right to pay him a share, which, in the presence of an indivisible fund, does not coincide with the share in the property of the cooperative. He has the right to transfer his share to another cooperator. The transfer of a share to a third party means his acceptance as a member of the cooperative and is possible only by decision of the general meeting. Exclusion from members of the cooperative is possible as a sanction for improper performance of membership duties; made by decision of the general meeting.

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