New York § 112 - 112Incorporation

§ 112. 112Incorporation

§ 112. Incorporation. Five or more producers of agricultural products may form a cooperative agricultural corporation with or without capital stock, under this article. If the principal activities of such a corporation are connected with the marketing, processing, manufacture, sale or other dispositions of agricultural products, agricultural waste product, or agricultural compost including the capture of methane and other gases for the generation and use or sale of energy, as defined in section 1-103 of the energy law, it may be termed a cooperative marketing corporation and incorporated as such. If its principal activities relate to the purchase of supplies for producers of agricultural products, it may be termed a cooperative purchasing association and incorporated as such, but in either case such a corporation may engage in both such lines of activity. Nothing in this section or article shall be deemed to prohibit the incorporation of a cooperative corporation under article two of this chapter or affect the existing powers of any existing cooperative corporation not within section one hundred eleven of this article.