2013 New York Consolidated Laws
CCO - Cooperative Corporations
Article 5-A - (80 - 94) WORKER COOPERATIVE CORPORATIONS
90 - Net retained proceeds or losses; distribution and payment.

 
    §  90.  Net  retained proceeds or losses; distribution and payment. 1.
  The net retained proceeds or losses of a  worker  cooperative  shall  be
  apportioned  and  distributed  at  such  times and in such manner as the
  certificate of incorporation or  by-laws  shall  specify.  Net  retained
  proceeds  declared  as patronage allocations with respect to a period of
  time, and paid or credited to members, shall be  apportioned  among  the
  members  in  accordance  with  the  ratio  which each member's patronage
  during the period involved bears  to  total  patronage  by  all  members
  during  that  period.  As  used  in  this article, "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.
    2. The   apportionment,  distribution  and  payment  of  net  retained
  proceeds required by subdivision one of this section  may  be  in  cash,
  credits,  written  notices of allocation, or capital stock issued by the
  worker cooperative.