ยง 94. Conversion of membership shares and internal capital accounts
upon revocation of election; consolidation or merger. When any worker
cooperative revokes its election in accordance with section eighty-six
of this article, an amendment of the certificate of incorporation shall
provide for conversion of membership shares and internal capital
accounts or their conversion to securities or other property in a manner
consistent with the provisions of the business corporation law.
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.