Connecticut HB05431 revises laws governing cooperative corporations, including membership, voting, and profit distribution.

Connecticut HB05431 modifies the legal framework for cooperative corporations. It allows members present at a meeting, either in person or by proxy, to form a quorum for voting on matters. Directors are elected by a plurality of votes cast by members present at a meeting where a quorum exists. The bill also specifies that approval by ballot for actions other than director elections requires a quorum and a majority of votes cast. Shareholders can only join with the directors' consent.

Connecticut HB05431 revises laws governing cooperative corporations, including membership, voting, and profit distribution.

Connecticut HB05431 modifies the legal framework for cooperative corporations. It allows members present at a meeting, either in person or by proxy, to form a quorum for voting on matters. Directors are elected by a plurality of votes cast by members present at a meeting where a quorum exists. The bill also specifies that approval by ballot for actions other than director elections requires a quorum and a majority of votes cast. Shareholders can only join with the directors' consent.