{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-355.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-355.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-355.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-355.html"}],"law_id":346623,"edition_id":2,"section_id":346623,"structure_id":49765,"section_number":"13.1-355","catch_line":"Internal capital accounting","history":"2020, c. 673.","full_text":"A\n\nThe entire net book value of a worker cooperative shall be reflected in internal capital accounts, one for each member, and a collective reserve account.\n\nB\n\nA worker cooperative shall credit the paid-in membership fee and additional paid-in capital of a member to the member’s internal capital account and shall also record the apportionment of retained net earnings or net losses to the members in accordance with patronage by appropriately crediting or debiting the internal capital accounts of members. The collective reserve account in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members.\n\nC\n\nThe balances in all the internal capital accounts and collective reserve account, if any, shall be adjusted at the end of each accounting period so that the sum of the balances is equal to the net book value of the worker cooperative.\n\n","order_by":null,"text":{"0":{"id":1292535,"text":"The entire net book value of a worker cooperative shall be reflected in internal capital accounts, one for each member, and a collective reserve account.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1292536,"text":"A worker cooperative shall credit the paid-in membership fee and additional paid-in capital of a member to the member’s internal capital account and shall also record the apportionment of retained net earnings or net losses to the members in accordance with patronage by appropriately crediting or debiting the internal capital accounts of members. The collective reserve account in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1292537,"text":"The balances in all the internal capital accounts and collective reserve account, if any, shall be adjusted at the end of each accounting period so that the sum of the balances is equal to the net book value of the worker cooperative.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":49765,"edition_id":2,"name":"Worker Cooperatives","identifier":"3","label":"article","depth":3,"order_by":3,"parent_id":49762,"metadata":{"child_laws":10,"child_structures":0},"date_created":"2026-08-02 02:14:42","date_modified":"2026-08-02 12:29:05","permalink":{"id":1376727,"object_type":"structure","relational_id":49765,"identifier":"3","token":"13.1\/3\/3","url":"\/13.1\/3\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49762,"edition_id":2,"name":"Cooperative Associations","identifier":"3","label":"chapter","depth":2,"order_by":3,"parent_id":49726,"metadata":{"child_laws":60,"child_structures":3},"date_created":"2026-08-02 02:14:34","date_modified":"2026-08-02 12:29:05","permalink":{"id":1376521,"object_type":"structure","relational_id":49762,"identifier":"3","token":"13.1\/3","url":"\/13.1\/3\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49726,"edition_id":2,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":44,"parent_id":null,"metadata":{"child_laws":894,"child_structures":104},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:04","permalink":{"id":1374495,"object_type":"structure","relational_id":49726,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":346614,"structure_id":49765,"section_number":"13.1-346","catch_line":"Definitions","url":"\/13.1-346\/","token":"13.1\/3\/3\/13.1-346","metadata":false},{"id":346615,"structure_id":49765,"section_number":"13.1-347","catch_line":"Formation of worker cooperative; purpose","url":"\/13.1-347\/","token":"13.1\/3\/3\/13.1-347","metadata":false},{"id":346616,"structure_id":49765,"section_number":"13.1-348","catch_line":"Name","url":"\/13.1-348\/","token":"13.1\/3\/3\/13.1-348","metadata":false},{"id":346617,"structure_id":49765,"section_number":"13.1-349","catch_line":"Application of other laws","url":"\/13.1-349\/","token":"13.1\/3\/3\/13.1-349","metadata":false},{"id":346618,"structure_id":49765,"section_number":"13.1-350","catch_line":"Revocation of election to be governed as worker cooperative; limitation on mergers","url":"\/13.1-350\/","token":"13.1\/3\/3\/13.1-350","metadata":false},{"id":346619,"structure_id":49765,"section_number":"13.1-351","catch_line":"Qualifications of members; membership shares","url":"\/13.1-351\/","token":"13.1\/3\/3\/13.1-351","metadata":false},{"id":346620,"structure_id":49765,"section_number":"13.1-352","catch_line":"Voting rights","url":"\/13.1-352\/","token":"13.1\/3\/3\/13.1-352","metadata":false},{"id":346621,"structure_id":49765,"section_number":"13.1-353","catch_line":"Net earnings or losses; apportionment, distribution, and payment","url":"\/13.1-353\/","token":"13.1\/3\/3\/13.1-353","metadata":false},{"id":346622,"structure_id":49765,"section_number":"13.1-354","catch_line":"Internal capital accounts; redemption of shares; collective reserve account","url":"\/13.1-354\/","token":"13.1\/3\/3\/13.1-354","metadata":{"court_decisions":{"0":{"name":"Trigon Insurance v. United States","case_number":"3:00cv365","citation":"215 F. Supp. 2d 687","date":"2002-08-09","url":"https:\/\/www.courtlistener.com\/opinion\/2503699\/trigon-insurance-v-united-states\/","abstract":" .\u202f.\u202f. 215 F.Supp.2d 687 (2002) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},{"id":346623,"structure_id":49765,"section_number":"13.1-355","catch_line":"Internal capital accounting","url":"\/13.1-355\/","token":"13.1\/3\/3\/13.1-355","metadata":false}],"previous_section":{"id":346622,"structure_id":49765,"section_number":"13.1-354","catch_line":"Internal capital accounts; redemption of shares; collective reserve account","url":"\/13.1-354\/","token":"13.1\/3\/3\/13.1-354","metadata":{"court_decisions":{"0":{"name":"Trigon Insurance v. United States","case_number":"3:00cv365","citation":"215 F. Supp. 2d 687","date":"2002-08-09","url":"https:\/\/www.courtlistener.com\/opinion\/2503699\/trigon-insurance-v-united-states\/","abstract":" .\u202f.\u202f. 215 F.Supp.2d 687 (2002) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-355\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapter 673<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":false,"refers_to":false,"permalink":{"id":1376765,"object_type":"law","relational_id":346623,"identifier":"13.1-355","token":"13.1\/3\/3\/13.1-355","url":"\/13.1-355\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-355\/","token":"13.1\/3\/3\/13.1-355","dublin_core":{"Title":"Internal capital accounting","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-355","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The entire net book value of a worker cooperative<\/span> shall be reflected in internal capital accounts, one for each member<\/span>, and a collective reserve account<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A worker cooperative<\/span> shall credit the paid-in membership fee<\/span> and additional paid-in capital of a member<\/span> to the member<\/span>’s internal capital account and shall also record the apportionment of retained net earnings or net losses to the members<\/span> in accordance with patronage<\/span> by appropriately crediting or debiting the internal capital accounts of members<\/span>. The collective reserve account<\/span> in an internal capital account cooperative shall reflect any paid-in capital, net losses, and retained net earnings not allocated to individual members<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The balances in all the internal capital accounts and collective reserve account<\/span>, if any, shall be adjusted at the end of each accounting period so that the sum of the balances is equal to the net book value of the worker cooperative<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINTERNAL CAPITAL ACCOUNTING (\u00a7 13.1-355)\n\nA. The entire net book value of a worker cooperative shall be reflected in\ninternal capital accounts, one for each member, and a collective reserve\naccount.\n\nB. A worker cooperative shall credit the paid-in membership fee and additional\npaid-in capital of a member to the member’s internal capital account and\nshall also record the apportionment of retained net earnings or net losses to\nthe members in accordance with patronage by appropriately crediting or debiting\nthe internal capital accounts of members. The collective reserve account in an\ninternal capital account cooperative shall reflect any paid-in capital, net\nlosses, and retained net earnings not allocated to individual members.\n\nC. The balances in all the internal capital accounts and collective reserve\naccount, if any, shall be adjusted at the end of each accounting period so that\nthe sum of the balances is equal to the net book value of the worker\ncooperative.\n\nHISTORY: 2020, c. 673.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}