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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, unless the context clearly requires otherwise, have the following meanings: 1. "Worker cooperative," a corporation which has elected to be governed by the provisions of this article. 2. "Member," a natural per…
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; election to be governed as worker cooperative. Any corporation organized under the business corporation law may elect to be governed as a worker cooperative under the provisions of this article, by so stating in it…
N.Y. Cooperative Corporations Law § 83 Status as profit-making corporation
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§ 83. Status as profit-making corporation. Notwithstanding any inconsistent provisions of this chapter, no worker cooperative shall be classed as a non-profit or not-for-profit corporation.
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 electing to be governed as a worker cooperative in accordance with section eighty-two of this article shall be governed by all provisions of the business corporation law, except as otherwise provided in this a…
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 limited or excluded in this article, all provisions of this chapter shall apply to worker cooperatives. The following sections of the cooperative corporations law shall not apply to worker cooperatives: paragr…
N.Y. Cooperative Corporations Law § 86 Revocation of election
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§ 86. Revocation of election. A worker cooperative may revoke its election under section eighty-two of this article by a vote of two-thirds of the members and through a certificate of amendment filed in accordance with article eight of the business corporation law.
N.Y. Cooperative Corporations Law § 87 Corporate name
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§ 87. Corporate name. A worker cooperative shall include the word "cooperative", "corporation", "incorporated" or "limited" in its corporate name, or an abbreviation of one of such words, notwithstanding inconsistent provisions in this chapter or in article three of the business…
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. 1. The certificate of incorporation or the by-laws shall establish qualifications and the method of acceptance and termination of members. Upon completion of his or her probationary period, all regular full-tim…
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 incorporation. 1. No capital stock other than membership shares shall be given voting power in a worker cooperative, except as otherwise provided in this article. 2. In accordance with section six hundred one of the busin…
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. The net retained proceeds or losses of a worker cooperative shall be apportioned and distributed at such times and in such manner as the certificate of incorporation or by-laws shall specify. Net retained procee…
N.Y. Cooperative Corporations Law § 91 Directors; officers
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§ 91. Directors; officers. 1. The by-laws of a worker cooperative shall provide for the election, terms, classifications, if any, and removal of directors and officers in accordance with the provisions of this chapter or the provisions of the business corporation law. 2. Non-mem…
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; interest; collective reserve account. 1. Any worker cooperative may establish through its certificate of incorporation or by-laws a system of internal capital accounts, to reflect the book value and to determine th…
N.Y. Cooperative Corporations Law § 93 Internal capital account cooperatives
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§ 93. Internal capital account cooperatives. 1. A worker cooperative may provide in its by-laws that it shall operate as an internal capital account cooperative. An internal account cooperative is a worker cooperative whose entire net book value is reflected in internal capital …
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 upon revocation of election; consolidation or merger. When any worker cooperative revokes its election in accordance with section eighty-six of this article, an amendment of the certificate of incorporation shal…