New York Cooperative Corporations Law Article 5-A - WORKER COOPERATIVE CORPORATIONS

• 80 - Legislative Findings.
  The legislature hereby finds and declares that it is the policy of this state to promote the creation of worker cooperatives. Worker cooperatives provide a...
• 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...
• 82 - Corporations Organized Under the Business Corporation Law; Election to Be Governed As Worker Cooperative.
  Any corporation organized under the business corporation law may elect to be governed as a worker cooperative under the provisions of this article, by so...
• 83 - Status As Profit-Making Corporation.
  Notwithstanding any inconsistent provisions of this chapter, no worker cooperative shall be classed as a non-profit or not-for-profit corporation.
• 84 - Applicability of the Business Corporation Law.
  1. A corporation electing to be governed as a worker cooperative in accordance with section eighty-two of this article shall be governed by all provisions...
• 85 - Applicability of the Cooperative Corporations Law.
  Except where limited or excluded in this article, all provisions of this chapter shall apply to worker cooperatives. The following sections of the cooperative corporations...
• 86 - Revocation of Election.
  A worker cooperative may revoke its election under section eighty-two of this article by a vote of two-thirds of the members and through a certificate...
• 87 - Corporate Name.
  A worker cooperative shall include the word "cooperative", "corporation", "incorporated" or "limited" in its corporate name, or an abbreviation of one of such words, notwithstanding...
• 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...
• 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....
• 90 - Net Retained Proceeds or Losses; Distribution and Payment.
  1. The net retained proceeds or losses of a worker cooperative shall be apportioned and distributed at such times and in such manner as the...
• 91 - Directors; Officers.
  1. The by-laws of a worker cooperative shall provide for the election, terms, classifications, if any, and removal of directors and officers in accordance with...
• 92 - Internal Capital Accounts; Recall or Redemption of Shares; Interest; Collective Reserve Account.
  1. Any worker cooperative may establish through its certificate of incorporation or by-laws a system of internal capital accounts, to reflect the book value and...
• 93 - Internal Capital Account Cooperatives.
  1. A worker cooperative may provide in its by-laws that it shall operate as an internal capital account cooperative. An internal account cooperative is a...
• 94 - Conversion of Membership Shares and Internal Capital Accounts Upon Revocation of Election; Consolidation or Merger.
  When any worker cooperative revokes its election in accordance with section eighty-six of this article, an amendment of the certificate of incorporation shall provide for...

Last modified: February 3, 2019