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2012 New York Consolidated Laws
CCO - Cooperative Corporations
Article 3 - (40 - 47) MEMBERS AND MEETINGS
42 - Forfeiture of membership.


NY Coop Corp L § 42 (2012) What's This?
 
    § 42. Forfeiture of membership. In accordance with provisions therefor
  in  the by-laws, any person shall forfeit his membership upon proof that
  he has ceased to be engaged in the occupation  or  occupations  for  the
  servicing of which the corporation was formed, or has ceased to have the
  qualifications  requisite for membership; and shall upon such notice and
  terms as may be prescribed in  the  by-laws,  surrender  his  membership
  certificate  or his shares of stock upon payment of the par or otherwise
  designated value thereof and of any accrued dividends  thereon,  as  may
  appear in the accounting at the end of the current fiscal year.

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