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Table 1 Comparison of the ownership and governance characteristics of traditional and hybrid cooperatives

From: Joint ownership by farmers and investors in the agri-food industry: an exploratory study of the limited cooperative association

Characteristic Traditional cooperative New generation cooperative Limited cooperative association Limited liability company
Open membership Yes No No No
Farmer ownership Yes Yes Yes No
Farmer control Yes Yes Yes No
Investor ownership No Yes Yes Yes
Investor control No No Yes Yes
Share appreciability No Yes Yes Yes
Share transferability No Yes Yes Yes
Equity redeemability Yes No No No
Board of directors Yes Yes Yes No
Supply commitment No Yes Yes No
  1. Sources: Brown and Merrett (2000), Chaddad and Cook (2004), Geu and Dean (2009a)
  2. The listed characteristics are general outlines. In practice, legal structures are flexible and characteristics may be adjusted at the discretion of the board of directors or some other governance entity with authority to change the bylaws