N.Y. Cooperative Corporations Law 133 – Existing cooperative corporations or associations
§ 133. Existing cooperative corporations or associations. A cooperative corporation or association heretofore formed under or subject to a law repealed by this chapter or under Article 3 of the business corporations law heretofore repealed, shall continue under and be subject to the provisions of this chapter as if incorporated hereunder; but all rights of property and by contract, which accrued before this chapter took effect, shall continue to be governed by the law under which such rights accrued. Also it may continue to use existing name, type of operations, by-laws, forms of marketing contracts, methods of financing and requirements as to reserves in so far as valid under prior laws unless expressly contrary to the provisions of this chapter.
Terms Used In N.Y. Cooperative Corporations Law 133
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.