New York Consolidated Laws, Cooperative Corporations Law - CCO § 81. Definitions

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.