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N.Y. Cooperative Corporations Law § 81 Definitions
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§ 81. Definitions. As used in this article the following words shall,\nunless the context clearly requires otherwise, have the following\nmeanings:\n 1. "Worker cooperative," a corporation which has elected to be\ngoverned by the provisions of this article.\n 2. "Member," a natu…
N.Y. Cooperative Corporations Law § 82 Corporations organized under the business corporation law; election to be governed as worker cooperative
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§ 82. Corporations organized under the business corporation law;\nelection to be governed as worker cooperative. Any corporation organized\nunder the business corporation law may elect to be governed as a worker\ncooperative under the provisions of this article, by so stating in…
N.Y. Cooperative Corporations Law § 83 Status as profit-making corporation
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§ 83. Status as profit-making corporation. Notwithstanding any\ninconsistent provisions of this chapter, no worker cooperative shall be\nclassed as a non-profit or not-for-profit corporation.\n
N.Y. Cooperative Corporations Law § 84 Applicability of the business corporation law
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§ 84. Applicability of the business corporation law. 1. A corporation\nelecting to be governed as a worker cooperative in accordance with\nsection eighty-two of this article shall be governed by all provisions\nof the business corporation law, except as otherwise provided in thi…
N.Y. Cooperative Corporations Law § 85 Applicability of the cooperative corporations law
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§ 85. Applicability of the cooperative corporations law. Except where\nlimited or excluded in this article, all provisions of this chapter\nshall apply to worker cooperatives. The following sections of the\ncooperative corporations law shall not apply to worker cooperatives:\npa…
N.Y. Cooperative Corporations Law § 86 Revocation of election
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§ 86. Revocation of election. A worker cooperative may revoke its\nelection under section eighty-two of this article by a vote of\ntwo-thirds of the members and through a certificate of amendment filed\nin accordance with article eight of the business corporation law.\n
N.Y. Cooperative Corporations Law § 87 Corporate name
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§ 87. Corporate name. A worker cooperative shall include the word\n"cooperative", "corporation", "incorporated" or "limited" in its\ncorporate name, or an abbreviation of one of such words, notwithstanding\ninconsistent provisions in this chapter or in article three of the\nbusi…
N.Y. Cooperative Corporations Law § 88 Members; membership shares; fees; rights and responsibilities
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§ 88. Members; membership shares; fees; rights and responsibilities.\n1. The certificate of incorporation or the by-laws shall establish\nqualifications and the method of acceptance and termination of members.\nUpon completion of his or her probationary period, all regular full-…
N.Y. Cooperative Corporations Law § 89 Voting shares; by-laws; amendment of certificate of incorporation
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§ 89. Voting shares; by-laws; amendment of certificate of\nincorporation. 1. No capital stock other than membership shares shall be\ngiven voting power in a worker cooperative, except as otherwise provided\nin this article.\n 2. In accordance with section six hundred one of the …
N.Y. Cooperative Corporations Law § 90 Net retained proceeds or losses; distribution and payment
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§ 90. Net retained proceeds or losses; distribution and payment. 1.\nThe net retained proceeds or losses of a worker cooperative shall be\napportioned and distributed at such times and in such manner as the\ncertificate of incorporation or by-laws shall specify. Net retained\npr…
N.Y. Cooperative Corporations Law § 91 Directors; officers
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§ 91. Directors; officers. 1. The by-laws of a worker cooperative\nshall provide for the election, terms, classifications, if any, and\nremoval of directors and officers in accordance with the provisions of\nthis chapter or the provisions of the business corporation law.\n 2. No…
N.Y. Cooperative Corporations Law § 92 Internal capital accounts; recall or redemption of shares; interest; collective reserve account
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§ 92. Internal capital accounts; recall or redemption of shares;\ninterest; collective reserve account. 1. Any worker cooperative may\nestablish through its certificate of incorporation or by-laws a system\nof internal capital accounts, to reflect the book value and to determine…
N.Y. Cooperative Corporations Law § 93 Internal capital account cooperatives
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§ 93. Internal capital account cooperatives. 1. A worker cooperative\nmay provide in its by-laws that it shall operate as an internal capital\naccount cooperative. An internal account cooperative is a worker\ncooperative whose entire net book value is reflected in internal capit…
N.Y. Cooperative Corporations Law § 94 Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger
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§ 94. Conversion of membership shares and internal capital accounts\nupon revocation of election; consolidation or merger. When any worker\ncooperative revokes its election in accordance with section eighty-six\nof this article, an amendment of the certificate of incorporation s…