§ 60. Patronage capital contributions, allocations, and retirements. (a) Each cooperative’s by-laws shall, unless otherwise determined by agreement of the members, provide for patronage capital allocations and retirements in the manner provided by this section. Agreement by the members for purposes of this section shall mean member approval of by-law provisions or by a majority […]
§ 61. Disposition of property. (a) The board of directors of a cooperative shall have full power and authority, without authorization by the members thereof, to authorize the execution and delivery of a mortgage or mortgages or a deed or deeds of trust of, or the pledging or encumbering of, any or all of the […]
§ 62. Non-liability of members for debts of cooperative. No member shall be liable or responsible for any debts of the cooperative and the property of the members shall not be subject to execution therefor.
§ 63. Recordation of mortgages; effect thereof. In case of conflict between this section and article nine of the uniform commercial code, the provisions of this section shall control. Any mortgage, deed of trust or other instrument executed by a cooperative or foreign corporation doing business in this state pursuant to this chapter, which affects […]
§ 64. Construction standards. Construction of electric lines by a cooperative shall, as a minimum requirement, comply with the standards of the national electric safety code in effect at the time of such construction.
§ 65. Directors, officers or members as notaries. No person who is authorized to take acknowledgments under the laws of this state shall be disqualified from taking acknowledgments of instruments executed in favor of a cooperative or to which it is a party, by reason of being an officer, director or member of such cooperative.
§ 66. License fee in lieu of all franchise, excise, income, corporation and sales and compensating use taxes. Each cooperative and foreign corporation doing business in this state pursuant to this chapter shall pay annually, on or before the first day of July, to the state tax commission, a fee of ten dollars, but shall […]
§ 67. Exemption from jurisdiction of public service commission and from the provisions of the public service law. Cooperatives and foreign corporations doing business in this state pursuant to this chapter shall be exempt in all respects from the jurisdiction and control of the public service commission of this state and shall not be subject […]
§ 68. Exemption of securities. The provisions of article twenty-three-a of the general business law shall not apply to any note, bond or other evidence of indebtedness issued by any cooperative or foreign corporation doing business in this state pursuant to this chapter to United States of America or any agency or instrumentality thereof, or […]
