"'Worker cooperative' means a corporation which has elected to be governed by this chapter." 11 V.S.A. § 1082(1). Worker Cooperative Corporations (chap.008)
A worker cooperative issues a class of voting stock designated as "membership shares." Each member can own only one such membership share, and only members may own such shares. Cooperatives can be either for-profit or nonprofit entities, formed under Titles 11 or 11B, respectively.
Net earnings declared as patronage allocations with respect to a period of time, and paid or credited to members, and net losses allocated to members with respect to a period of time shall be apportioned among the members in accordance with the ratio which each member's patronage during the period involved bears to total patronage by all members during that period.
An internal capital account cooperative is a worker cooperative whose entire net book value is reflected in internal capital accounts, one for each member, and a collective account, and in which no persons other than members own capital stock. For more information see 11 V.S.A. §§ 1090-1091.