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 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 section ninety-two of this article, notwithstanding 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.
Last modified: September 11, 2016