ยง 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.
Structure New York Laws
CCO - Cooperative Corporations
Article 5-A - Worker Cooperative Corporations
83 - Status as Profit-Making Corporation.
84 - Applicability of the Business Corporation Law.
85 - Applicability of the Cooperative Corporations Law.
88 - Members; Membership Shares; Fees; Rights and Responsibilities.
89 - Voting Shares; By-Laws; Amendment of Certificate of Incorporation.
90 - Net Retained Proceeds or Losses; Distribution and Payment.