§ 90 — Net retained proceeds or losses; distribution and payment

New York § 90

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

Text

§ 90. Net retained proceeds or losses; distribution and payment. 1.\nThe net retained proceeds or losses of a worker cooperative shall be\napportioned and distributed at such times and in such manner as the\ncertificate of incorporation or by-laws shall specify. Net retained\nproceeds declared as patronage allocations with respect to a period of\ntime, and paid or credited to members, shall be apportioned among the\nmembers in accordance with the ratio which each member's patronage\nduring the period involved bears to total patronage by all members\nduring that period. As used in this article, "patronage" means the\namount of work performed as a member of a worker cooperative, measured\nin accordance with the certificate of incorporation and by-laws.\n 2. The apportionment, distribution and payment of net retained\nproceeds required by subdivision one of this section may be in cash,\ncredits, written notices of allocation, or capital stock issued by the\nworker cooperative.\n