§ 80 Legislative findings
§ 81 Definitions
§ 82 Corporations organized under the business corporation law; election to be governed as worker cooperative
§ 83 Status as profit-making corporation
§ 84 Applicability of the business corporation law
§ 85 Applicability of the cooperative corporations law
§ 86 Revocation of election
§ 87 Corporate name
§ 88 Members; membership shares; fees; rights and responsibilities
§ 89 Voting shares; by-laws; amendment of certificate of incorporation
§ 90 Net retained proceeds or losses; distribution and payment
§ 91 Directors; officers
§ 92 Internal capital accounts; recall or redemption of shares; interest; collective reserve account
§ 93 Internal capital account cooperatives
§ 94 Conversion of membership shares and internal capital accounts upon revocation of election; consolidation or merger

Terms Used In New York Laws > Cooperative Corporations > Article 5-A - Worker Cooperative Corporations

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Dependent: A person dependent for support upon another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the certificate of incorporation and by-laws. See N.Y. Cooperative Corporations Law 90