N.Y. Cooperative Corporations Law § 123: Credit and agency corporations; ownership of voting common stock; directors

§ 123. Credit and agency corporations; ownership of voting common

stock; directors. All the voting common stock of a cooperative credit or

agency corporation must be owned by one or more cooperative corporations

organized or operating under the provisions of this chapter. The

directors must be members or stockholders of one or more of the

cooperative corporations which own the voting common stock.