New York Cooperative Corporations Section 89 - Voting Shares; By-laws; Amendment Of Certificate Of Incorporation.

89. Voting shares; by-laws; amendment of certificate of incorporation. 1. No capital stock other than membership shares shall be given voting power in a worker cooperative, except as otherwise provided in this article.

2. In accordance with section six hundred one of the business corporation law, the power to amend or repeal by-laws of a worker cooperative shall be in the members only, except to the extent the directors are authorized to amend or repeal the by-laws in accordance with said section six hundred one.

3. The provisions of article eight of the business corporation law shall be construed to limit voting on any amendment of the certificate of incorporation of a worker cooperative to the members, except that non-member stockholders shall participate in such voting in accordance with section eight hundred three of the business corporation law where a proposed amendment would adversely affect the rights of such non-member stockholders as provided in subparagraphs two and three of paragraph (a) and paragraph (b) of section eight hundred four of such law.

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Last modified: September 11, 2016