N.Y. Cooperative Corporations Law 91 – Directors; officers
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§ 91. Directors; officers. 1. The by-laws of a worker cooperative shall provide for the election, terms, classifications, if any, and removal of directors and officers in accordance with the provisions of this chapter or the provisions of the business corporation law.
Terms Used In N.Y. Cooperative Corporations Law 91
- 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.
2. Non-members may serve as directors or officers of a worker cooperative but at no time shall there be a majority of non-member directors.
3. Notwithstanding section sixty-four of this chapter, non-members may serve as president and first vice-president of a worker cooperative.
4. Vacancies in director positions resulting from death, resignation or removal shall be filled by vote of the member directors.