§ 84 — Applicability of the business corporation law

New York § 84

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

Text

§ 84. Applicability of the business corporation law. 1. A corporation\nelecting to be governed as a worker cooperative in accordance with\nsection eighty-two of this article shall be governed by all provisions\nof the business corporation law, except as otherwise provided in this\narticle.\n 2. Notwithstanding the provisions of paragraph (b) of subdivision (1)\nof section five of this chapter, the following sections of the business\ncorporation law shall apply to worker cooperatives, except where\notherwise provided in this article: section four hundred three, section\nfive hundred five, paragraph (c) of section five hundred eighteen,\nparagraph (a) of section six hundred eight, paragraph (a) of section\nseven hundred three, section seven hundred four and paragraph (a) of\nsection eight hundred three.\n 3. The following sections of the business corporation law shall not\napply to membership shares in a worker cooperative as defined in section\neighty-one of this article: section five hundred three, section five\nhundred four, section five hundred nine, paragraph (c) of section five\nhundred twelve, section six hundred twelve, section six hundred\nseventeen, section six hundred twenty-two, section six hundred\ntwenty-three, section six hundred twenty-five and section six hundred\ntwenty-eight.\n