§ 88 — Members; membership shares; fees; rights and responsibilities

New York § 88

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

Text

§ 88. Members; membership shares; fees; rights and responsibilities.\n1. The certificate of incorporation or the by-laws shall establish\nqualifications and the method of acceptance and termination of members.\nUpon completion of his or her probationary period, all regular full-time\nor part-time employees shall be offered membership in the worker\ncooperative. Acceptance as a member in a worker cooperative shall be\nevidenced by a membership share, which shall be issued for a fee to be\npaid in such terms and conditions as are provided in the by-laws.\n 2. A worker cooperative shall issue a class of voting stock designated\nas "membership shares". Each member shall own only one such membership\nshare, and only members may own such shares.\n 3. Notwithstanding section forty of this chapter acceptance as a\nmember in a worker cooperative shall be evidenced by a membership share,\nwhich shall be issued for a fee to be paid in such terms and conditions\nas are provided in the by-laws.\n 4. The redemption price of membership shares may be determined by\nreference to internal capital accounts as defined in section ninety-two\nof this article, notwithstanding section six hundred twenty-three of the\nbusiness corporation law.\n 5. The stockholders in a worker cooperative shall have all the rights\nand responsibilities of stockholders of a corporation formed under the\nprovisions of the business corporation law, except as otherwise provided\nin this article and chapter.\n