N.Y. Cooperative Corporations Law Section 81
Definitions


As used in this article the following words shall, unless the context clearly requires otherwise, have the following meanings:

1.

“Worker cooperative,” a corporation which has elected to be governed by the provisions of this article.

2.

“Member,” a natural person who has been accepted in and owns a membership share issued by a worker cooperative.

3.

“Patronage”, the amount of work performed as a member of a worker cooperative, measured in accordance with the certificate of incorporation and by-laws.

4.

“Written notice of allocation”, a written instrument which discloses to a member the stated dollar amount of such member’s patronage allocation and the terms for payment of the amount by the worker cooperative.

5.

“Paid-in capital”, money or other property, exclusive of the membership fee, contributed by a member to a worker cooperative.

Source: Section 81 — Definitions, https://www.­nysenate.­gov/legislation/laws/CCO/81 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 81’s source at nysenate​.gov

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