N.Y. Cooperative Corporations Law § 81: Definitions

§ 81. Definitions. As used in this article the following words shall,

unless the context clearly requires otherwise, have the following

meanings:

1. "Worker cooperative," a corporation which has elected to be

governed by the provisions of this article.

2. "Member," a natural person who has been accepted in and owns a

membership share issued by a worker cooperative.

3. "Patronage", the amount of work performed as a member of a worker

cooperative, measured in accordance with the certificate of

incorporation and by-laws.

4. "Written notice of allocation", a written instrument which

discloses to a member the stated dollar amount of such member's

patronage allocation and the terms for payment of the amount by the

worker cooperative.

5. "Paid-in capital", money or other property, exclusive of the

membership fee, contributed by a member to a worker cooperative.