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

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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.

Cite this article: FindLaw.com - New York Consolidated Laws, Cooperative Corporations Law - CCO § 81. Definitions - last updated January 01, 2021 | https://codes.findlaw.com/ny/cooperative-corporations-law/cco-sect-81/


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