2013 New York Consolidated Laws
CCO - Cooperative Corporations
Article 5-A - (80 - 94) WORKER COOPERATIVE CORPORATIONS
88 - Members; membership shares; fees; rights and responsibilities.

 
    §  88.  Members; membership shares; fees; rights and responsibilities.
  1. The certificate of  incorporation  or  the  by-laws  shall  establish
  qualifications  and the method of acceptance and termination of members.
  Upon completion of his or her probationary period, all regular full-time
  or part-time  employees  shall  be  offered  membership  in  the  worker
  cooperative.  Acceptance  as  a  member in a worker cooperative shall be
  evidenced by a membership share, which shall be issued for a fee  to  be
  paid in such terms and conditions as are provided in the by-laws.
    2. A worker cooperative shall issue a class of voting stock designated
  as  "membership  shares". Each member shall own only one such membership
  share, and only members may own such shares.
    3. Notwithstanding section forty  of  this  chapter  acceptance  as  a
  member in a worker cooperative shall be evidenced by a membership share,
  which  shall be issued for a fee to be paid in such terms and conditions
  as are provided in the by-laws.
    4. The redemption price of membership  shares  may  be  determined  by
  reference  to internal capital accounts as defined in section ninety-two
  of this article, notwithstanding section six hundred twenty-three of the
  business corporation law.
    5. The stockholders in a worker cooperative shall have all the  rights
  and  responsibilities  of stockholders of a corporation formed under the
  provisions of the business corporation law, except as otherwise provided
  in this article and chapter.