N.Y. Cooperative Corporations Law Section 42
Forfeiture of membership

In accordance with provisions therefor in the by-laws, any person shall forfeit his membership upon proof that he has ceased to be engaged in the occupation or occupations for the servicing of which the corporation was formed, or has ceased to have the qualifications requisite for membership; and shall upon such notice and terms as may be prescribed in the by-laws, surrender his membership certificate or his shares of stock upon payment of the par or otherwise designated value thereof and of any accrued dividends thereon, as may appear in the accounting at the end of the current fiscal year.

Source: Section 42 — Forfeiture of membership, https://www.­nysenate.­gov/legislation/laws/CCO/42 (updated Sep. 22, 2014; accessed Jan. 31, 2026).

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Verified:
Jan. 31, 2026

Last modified:
Sep. 22, 2014

§ 42. Forfeiture of membership's source at nysenate​.gov

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