Terms Used In N.Y. Cooperative Corporations Law 123

  • 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.

All the voting common stock of a cooperative credit or agency corporation must be owned by one or more cooperative corporations organized or operating under the provisions of this chapter. The directors must be members or stockholders of one or more of the cooperative corporations which own the voting common stock.