§ 84. Applicability of the business corporation law. 1. A corporation electing to be governed as a worker cooperative in accordance with § 82 of the business corporation law, except as otherwise provided in this article.

Terms Used In N.Y. Cooperative Corporations Law 84

  • 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.

2. Notwithstanding the provisions of paragraph (b) of subdivision (1) of section five of this chapter, the following sections of the business corporation law shall apply to worker cooperatives, except where otherwise provided in this article: section four hundred three, section five hundred five, paragraph (c) of section five hundred eighteen, paragraph (a) of section six hundred eight, paragraph (a) of section seven hundred three, section seven hundred four and paragraph (a) of section eight hundred three.

3. The following sections of the business corporation law shall not apply to membership shares in a worker cooperative as defined in section eighty-one of this article: section five hundred three, section five hundred four, section five hundred nine, paragraph (c) of section five hundred twelve, section six hundred twelve, section six hundred seventeen, section six hundred twenty-two, section six hundred twenty-three, section six hundred twenty-five and section six hundred twenty-eight.

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