N.Y. Cooperative Corporations Law § 88: Members; membership shares; fees; rights and responsibilities

§ 88. Members; membership shares; fees; rights and responsibilities.

1. The certificate of incorporation or the by-laws shall establish

qualifications and the method of acceptance and termination of members.

Upon completion of his or her probationary period, all regular full-time

or part-time employees shall be offered membership in the worker

cooperative. Acceptance as a member in a worker cooperative shall be

evidenced by a membership share, which shall be issued for a fee to be

paid in such terms and conditions as are provided in the by-laws.

2. A worker cooperative shall issue a class of voting stock designated

as "membership shares". Each member shall own only one such membership

share, and only members may own such shares.

3. Notwithstanding section forty of this chapter acceptance as a

member in a worker cooperative shall be evidenced by a membership share,

which shall be issued for a fee to be paid in such terms and conditions

as are provided in the by-laws.

4. The redemption price of membership shares may be determined by

reference to internal capital accounts as defined in section ninety-two

of this article, notwithstanding section six hundred twenty-three of the

business corporation law.

5. The stockholders in a worker cooperative shall have all the rights

and responsibilities of stockholders of a corporation formed under the

provisions of the business corporation law, except as otherwise provided

in this article and chapter.