N.Y. Cooperative Corporations Law § 123

§ 123. Credit and agency corporations; ownership of voting common\nstock; directors. All the voting common stock of a cooperative credit or\nagency corporation must be owned by one or more cooperative corporations\norganized or operating under the provisions of this chapter. The\ndirectors must be members or stockholders of one or more of the\ncooperative corporations which own the voting common stock.\n