2006 New York Code - Organization.

 
    §  120. Organization. A cooperative corporation may be organized as an
  agency, subsidiary or holding corporation to assist, further and finance
  other  cooperative  corporations  in  their   corporate   purposes   and
  activities. A credit corporation may be organized solely for the purpose
  of  acting as an agency to enable cooperative corporations, organized or
  operating under this chapter and the members or stockholders thereof, to
  obtain loans  from  the  federal  intermediate  credit  bank  under  and
  pursuant  to  an act of congress approved March fourth, nineteen hundred
  and twenty-three, known as the  agricultural  credits  act  of  nineteen
  hundred  and  twenty-three,  same being chapter eight of title twelve of
  the code of laws of the  United  States  as  adopted  by  congress  June
  thirtieth,  nineteen  hundred  and twenty-six, and amendments thereto. A
  credit corporation may also be organized by  a  cooperative  corporation
  for the purpose of financing the ordinary crop operations of the members
  of  such  cooperative  corporation, through funds obtained by loans from
  any sources or through the issue and sale of common or preferred  stock,
  bonds,  debentures  or  other obligations of the credit corporation, and
  the payment of such loans  or  obligations  may  be  guaranteed  by  the
  cooperative corporation whose members are being so financed.