N.Y. Cooperative Corporations Law Section 89
Voting shares

  • by-laws
  • amendment of certificate of incorporation

1.

No capital stock other than membership shares shall be given voting power in a worker cooperative, except as otherwise provided in this article.

2.

In accordance with Business Corporation Law § 601 (By-laws), the power to amend or repeal by-laws of a worker cooperative shall be in the members only, except to the extent the directors are authorized to amend or repeal the by-laws in accordance with said section six hundred one.

3.

The provisions of article eight of the business corporation law shall be construed to limit voting on any amendment of the certificate of incorporation of a worker cooperative to the members, except that non-member stockholders shall participate in such voting in accordance with Business Corporation Law § 803 (Authorization of amendment or change) where a proposed amendment would adversely affect the rights of such non-member stockholders as provided in subparagraphs two and three of paragraph (a) and paragraph (b) of section eight hundred four of such law.

Source: Section 89 — Voting shares; by-laws; amendment of certificate of incorporation, https://www.­nysenate.­gov/legislation/laws/CCO/89 (updated Sep. 22, 2014; accessed Jan. 11, 2025).

Accessed:
Jan. 11, 2025

Last modified:
Sep. 22, 2014

§ 89’s source at nysenate​.gov

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