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New York Cooperative Corporations Law Section 62 - Salaries.

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    § 62.  Salaries.  The corporation may provide a fair remuneration for
  its officers and directors and for members of its  executive  committee.
  No  officer  or director or member of the executive committee shall be a
  party to a contract for profit with the corporation which  in  substance
  shall  differ  in  any  way from similar contracts by it with members or
  with others, or which shall vary from terms  generally  current  in  the
  district.

Last modified: August 9, 2006