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81 — New York Law | CourtGPT
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  5. Article 5-a - Worker Cooperative Corporations80 - Legislative Findings/
  6. 81
New York Legal Code

81

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As used in this article the following words shall, unless the context clearly requires otherwise, have the following meanings: 1. 'Worker cooperative,' a corporation which has elected to be governed by the provisions of this article. 2. 'Member,' a natural person who has been accepted in and owns a membership share issued by a worker cooperative. 3. 'Patronage', the amount of work performed as a member of a worker cooperative, measured in accordance with the certificate of incorporation and by-laws. 4. 'Written notice of allocation', a written instrument which discloses to a member the stated dollar amount of such member's patronage allocation and the terms for payment of the amount by the worker cooperative. 5. 'Paid-in capital', money or other property, exclusive of the membership fee, contributed by a member to a worker cooperative.