CT SB00138

Reduces minimum number of persons required to form a cooperative association from seven to three, effective October 1, 2019.

Changes governing board structure from "board of managers" to "board of directors" with minimum three members (down from seven) elected annually, with option for staggered terms up to six years.

Increases maximum capital stock from five million dollars to fifty million dollars par value for cooperative associations.

Allows boards to declare up to 40 percent of net profits or surplus for contingent or sinking funds, unallocated reserve funds, or collective accounts as prescribed by bylaws, eliminating prior fixed reserve requirements.

Shifts reporting penalties from individual board members to the association itself, requiring $50 payment to Secretary of State for failure to file annual reports, effective October 1, 2019.