N.Y. Cooperative Corporations Law Section 88
Members

  • membership shares
  • fees
  • rights and responsibilities

1.

The certificate of incorporation or the by-laws shall establish qualifications and the method of acceptance and termination of members. Upon completion of his or her probationary period, all regular full-time or part-time employees shall be offered membership in the worker cooperative. Acceptance as a member in a worker cooperative shall be evidenced by a membership share, which shall be issued for a fee to be paid in such terms and conditions as are provided in the by-laws.

2.

A worker cooperative shall issue a class of voting stock designated as “membership shares”. Each member shall own only one such membership share, and only members may own such shares.

3.

Notwithstanding § 40 (Certificate of membership)section forty of this chapter acceptance as a member in a worker cooperative shall be evidenced by a membership share, which shall be issued for a fee to be paid in such terms and conditions as are provided in the by-laws.

4.

The redemption price of membership shares may be determined by reference to internal capital accounts as defined in § 92 (Internal capital accounts)section ninety-two of this article, notwithstanding Business Corporation Law § 623 (Procedure to enforce shareholder’s right to receive payment for shares)section six hundred twenty-three of the business corporation law.

5.

The stockholders in a worker cooperative shall have all the rights and responsibilities of stockholders of a corporation formed under the provisions of the business corporation law, except as otherwise provided in this article and chapter.

Source: Section 88 — Members; membership shares; fees; rights and responsibilities, https://www.­nysenate.­gov/legislation/laws/CCO/88 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 88’s source at nysenate​.gov

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