N.Y. Cooperative Corporations Law § 90: Net retained proceeds or losses; distribution and payment

§ 90. Net retained proceeds or losses; distribution and payment. 1.

The net retained proceeds or losses of a worker cooperative shall be

apportioned and distributed at such times and in such manner as the

certificate of incorporation or by-laws shall specify. Net retained

proceeds declared as patronage allocations with respect to a period of

time, and paid or credited to members, shall be apportioned among the

members in accordance with the ratio which each member's patronage

during the period involved bears to total patronage by all members

during that period. As used in this article, "patronage" means the

amount of work performed as a member of a worker cooperative, measured

in accordance with the certificate of incorporation and by-laws.

2. The apportionment, distribution and payment of net retained

proceeds required by subdivision one of this section may be in cash,

credits, written notices of allocation, or capital stock issued by the

worker cooperative.