New York Cooperative Corporations Section 81 - Definitions.

81. Definitions. 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.

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Last modified: September 11, 2016