§ 81 — Definitions

New York § 81

• Jurisdiction: New York
• Law CCO: Cooperative Corporations
• Art. 5-A: Worker Cooperative Corporations

Text

§ 81. Definitions. As used in this article the following words shall,\nunless the context clearly requires otherwise, have the following\nmeanings:\n 1. "Worker cooperative," a corporation which has elected to be\ngoverned by the provisions of this article.\n 2. "Member," a natural person who has been accepted in and owns a\nmembership share issued by a worker cooperative.\n 3. "Patronage", the amount of work performed as a member of a worker\ncooperative, measured in accordance with the certificate of\nincorporation and by-laws.\n 4. "Written notice of allocation", a written instrument which\ndiscloses to a member the stated dollar amount of such member's\npatronage allocation and the terms for payment of the amount by the\nworker cooperative.\n 5. "Paid-in capital", money or other property, exclusive of the\nmembership fee, contributed by a member to a worker cooperative.\n