§ 120 — Organization

New York § 120

• Jurisdiction: New York
• Law CCO: Cooperative Corporations
• Art. 7: Provisions As to Credit and Agency Corporations

Text

§ 120. Organization. A cooperative corporation may be organized as an\nagency, subsidiary or holding corporation to assist, further and finance\nother cooperative corporations in their corporate purposes and\nactivities. A credit corporation may be organized solely for the purpose\nof acting as an agency to enable cooperative corporations, organized or\noperating under this chapter and the members or stockholders thereof, to\nobtain loans from the federal intermediate credit bank under and\npursuant to an act of congress approved March fourth, nineteen hundred\nand twenty-three, known as the agricultural credits act of nineteen\nhundred and twenty-three, same being chapter eight of title twelve of\nthe code of laws of the United States as adopted by congress June\nthirtieth, nineteen hundred and twenty-six, and amendments thereto. A\ncredit corporation may also be organized by a cooperative corporation\nfor the purpose of financing the ordinary crop operations of the members\nof such cooperative corporation, through funds obtained by loans from\nany sources or through the issue and sale of common or preferred stock,\nbonds, debentures or other obligations of the credit corporation, and\nthe payment of such loans or obligations may be guaranteed by the\ncooperative corporation whose members are being so financed.\n