AN ACT CONCERNING COOPERATIVE CORPORATIONS.

HB 5431 updates Connecticut's laws for cooperative corporations, directly affecting new businesses forming as cooperatives under this framework. It replaces outdated terms like "association" with "corporation" and reduces the required board size from seven to at least three directors, who must be elected annually by members. The bill also clarifies that each member gets one vote, sets membership requirements (including holding at least one share), and allows corporations to adopt staggered director terms for stability. These changes take effect October 1, 2026, modernizing governance for cooperative businesses.