New York § 88 - 88Members; membership shares; fees; rights and responsibilities
Full text of New York New York Consolidated Laws § 88 — 88Members; membership shares; fees; rights and responsibilities, with citation guidance and answers to common questions.
§ 88. 88Members; membership shares; fees; rights and responsibilities
§ 88. Members; membership shares; fees; rights and responsibilities. 1. The certificate of incorporation or the by-laws shall establish qualifications and the method of acceptance and termination of members. Upon completion of his or her probationary period, all regular full-time or part-time employees shall be offered membership in the worker cooperative. Acceptance as a member in a worker cooperative shall be evidenced by a membership share, which shall be issued for a fee to be paid in such terms and conditions as are provided in the by-laws. 2. A worker cooperative shall issue a class of voting stock designated as "membership shares". Each member shall own only one such membership share, and only members may own such shares. 3. Notwithstanding section forty of this chapter acceptance as a member in a worker cooperative shall be evidenced by a membership share, which shall be issued for a fee to be paid in such terms and conditions as are provided in the by-laws. 4. The redemption price of membership shares may be determined by reference to internal capital accounts as defined in section ninety-two of this article, notwithstanding section six hundred twenty-three of the business corporation law. 5. The stockholders in a worker cooperative shall have all the rights and responsibilities of stockholders of a corporation formed under the provisions of the business corporation law, except as otherwise provided in this article and chapter.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 88
What does New York Consolidated Laws § 88 cover?
Section 88 ("88Members; membership shares; fees; rights and responsibilities") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 88?
A common citation format is "New York Consolidated Laws § 88" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 88 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.