2013 New York Consolidated Laws
CCO - Cooperative Corporations
Article 5-A - (80 - 94) WORKER COOPERATIVE CORPORATIONS
93 - Internal capital account cooperatives.

 
    §  93.  Internal capital account cooperatives. 1. A worker cooperative
  may provide in its by-laws that it shall operate as an internal  capital
  account  cooperative.  An  internal  account  cooperative  is  a  worker
  cooperative whose entire net book value is reflected in internal capital
  accounts, one for each member, and a collective reserve account, and  in
  which  no  persons other than members own capital stock.  In an internal
  capital account cooperative, each member shall have  one  and  only  one
  vote in any matter requiring voting by stockholders.
    2. An  internal  capital  account cooperative shall credit the paid-in
  membership fee and  additional  paid-in  capital  of  a  member  to  the
  member's   internal   capital   account,   and  shall  also  record  the
  apportionment of net retained proceeds or net losses to the  members  in
  accordance  with  patronage  by  appropriately crediting or debiting the
  internal capital accounts of members. The collective reserve account  in
  an  internal  capital  account  cooperative  shall  reflect  any paid-in
  capital,  net  losses  and  net  retained  proceeds  not  allocated   to
  individual members.
    3. In an internal capital account cooperative, the balances in all the
  individual  internal capital accounts and collective reserve account, if
  any, shall be adjusted at the end of each accounting period so that  the
  sum  of  the  balances  is  equal  to  the  net book value of the worker
  cooperative.
    4. Section six hundred twenty-three of the  business  corporation  law
  shall not apply to an internal capital account cooperative.