N.Y. Cooperative Corporations Law § 84: Applicability of the business corporation law

§ 84. Applicability of the business corporation law. 1. A corporation

electing to be governed as a worker cooperative in accordance with

section eighty-two of this article shall be governed by all provisions

of the business corporation law, except as otherwise provided in this

article.

2. Notwithstanding the provisions of paragraph (b) of subdivision (1)

of section five of this chapter, the following sections of the business

corporation law shall apply to worker cooperatives, except where

otherwise provided in this article: section four hundred three, section

five hundred five, paragraph (c) of section five hundred eighteen,

paragraph (a) of section six hundred eight, paragraph (a) of section

seven hundred three, section seven hundred four and paragraph (a) of

section eight hundred three.

3. The following sections of the business corporation law shall not

apply to membership shares in a worker cooperative as defined in section

eighty-one of this article: section five hundred three, section five

hundred four, section five hundred nine, paragraph (c) of section five

hundred twelve, section six hundred twelve, section six hundred

seventeen, section six hundred twenty-two, section six hundred

twenty-three, section six hundred twenty-five and section six hundred

twenty-eight.