N.Y. Cooperative Corporations Law 81 – Definitions
§ 81. Definitions. As used in this article the following words shall, unless the context clearly requires otherwise, have the following meanings:
Terms Used In N.Y. Cooperative Corporations Law 81
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the certificate of incorporation and by-laws. See N.Y. Cooperative Corporations Law 90
1. "Worker cooperative," a corporation which has elected to be governed by the provisions of this article.
2. "Member," a natural person who has been accepted in and owns a membership share issued by a worker cooperative.
3. "Patronage", the amount of work performed as a member of a worker cooperative, measured in accordance with the certificate of incorporation and by-laws.
4. "Written notice of allocation", a written instrument which discloses to a member the stated dollar amount of such member's patronage allocation and the terms for payment of the amount by the worker cooperative.
5. "Paid-in capital", money or other property, exclusive of the membership fee, contributed by a member to a worker cooperative.