{"data":{"id":"us-al/ala.-code-10a-11-1.06","jurisdiction":"us-al","citation":"Ala. Code § 10A-11-1.06","heading":"Members; Membership Shares; Rights and Responsibilities.","body":"(a) The governing documents shall establish qualifications and the method of acceptance and termination of members. No person may be accepted as a member unless employed by the employee cooperative on a full-time or part-time basis. In order to qualify for membership, part-time employment shall be at least half-time.\n(b) An employee cooperative shall issue a class of voting stock designated as “membership shares.” Each member shall own only one membership share, and only members may own such shares.\n(c) Membership shares shall be issued for a fee as shall be determined by the directors. An employee cooperative may allow for payment of such fee by payroll deduction, installments, or similar methods. A membership share may be issued to a person upon acceptance for membership regardless of whether the membership fee is fully paid.\n(d) Members of an employee cooperative shall have all the rights and responsibilities of stockholders of a corporation governed by the Alabama Business Corporation Law, except as otherwise provided in this chapter.","path":["Title 10A Alabama Business and Nonprofit Entities Code.","Chapter 11 Employee Cooperative Corporations."],"source_url":"https://alison.legislature.state.al.us/code-of-alabama?section=10A-11-1.06","current_through":"Act 2026-611","vintage":"","retrieved_at":"2026-09-03T14:01:53Z","sha256":"e28b19fb525ae9c15bebd4f39358024dfaf4ae3f98bab14e334d7ce41f781b5f","source_id":"us-al","stale":false,"prev":"us-al/ala.-code-10a-11-1.05","next":"us-al/ala.-code-10a-11-1.07"},"notice":"GroundRules: Original legal text. Not legal advice."}