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New York Consolidated Laws

N.Y. Cooperative Corporations Law § 42 (2026)

Forfeiture of membership

✓ text as retrieved May 2026 (this copy records no edition or section history)
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§ 42. Forfeiture of membership. In accordance with provisions therefor
in the by-laws, any person shall forfeit his membership upon proof that
he has ceased to be engaged in the occupation or occupations for the
servicing of which the corporation was formed, or has ceased to have the
qualifications requisite for membership; and shall upon such notice and
terms as may be prescribed in the by-laws, surrender his membership
certificate or his shares of stock upon payment of the par or otherwise
designated value thereof and of any accrued dividends thereon, as may
appear in the accounting at the end of the current fiscal year.
Notes of Decisions
Cited in 2 cases, 1985–1992 · leading case: Ripplemeyer v. Nat'l Grape Co-Op. Ass'n, 807 F. Supp. 1439 (W.D. Ark. 1992).
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Ripplemeyer v. Nat'l Grape Co-Op. Ass'n, 807 F. Supp. 1439 (W.D. Ark. 1992). “See also N.Y. Cooperative Corporations Law § 42 (Consol.”
McVann v. Myers, 131 Misc. 2d 167 (1985). “The proprietary lessee does not enjoy absolute ownership and control over the unit but is subject to the provisions of the proprietary lease (see, Adams Hotel Owners v Wolf, 64 Misc 2d 614 ) and the bylaws of the cooperative corporation (Cooperative Corporations Law § 42).…”
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