§ 46. Proportionate voting. A corporation incorporated under this chapter may provide in its certificate of incorporation for proportionate or unequal voting rights of all its members, based upon the patronage of said members, which shall be exercised when and as provided in the by-laws of the corporation, except that no members shall be entitled to more than one vote in any case in which a statute requires the affirmative vote of a majority or more of the members. The certificate of incorporation shall state the method by which such proportionate voting rights shall be determined and fixed.

Terms Used In N.Y. Cooperative Corporations Law 46

  • 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.
  • Statute: A law passed by a legislature.
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