1420. Property held by agricultural cooperative corporations. 1. For the purposes of this section, "agricultural cooperative corporation" shall include any corporation organized or qualified to do business in this state pursuant to the cooperative corporations law, which is operated primarily for the benefit of producers of agricultural products, as such term is defined in subdivision (a) of section three of the cooperative corporations law. Notwithstanding any other provision of this chapter to the contrary, any share of stock, credit, dividend, profit, patronage refund, distribution, interest, equity certificate, equity retain, payment, or other money or property which:
(a) is in the possession of an agricultural cooperative corporation organized or qualified to do business in this state pursuant to the cooperative corporations law;
(b) evidences membership in or resulted from patronage with an agricultural cooperative corporation or the predecessor of such corporation; and
(c) is held for, allocated to the account of, allocated in the name of or owing by the agricultural cooperative corporation to a member, stockholder, patron or other person; shall not be deemed abandoned property or otherwise subject to the provisions of this chapter.
Last modified: February 3, 2019