US Laws, Codes, Statutes & Cases

 
  § 501. Stock and shares prohibited; membership certificates authorized.
    A corporation shall not have stock or shares or certificates for stock
  or for shares, but may issue non-transferable membership certificates or
  cards  to  evidence  membership,  whether  or  not  connected  with  any
  financial contribution to the corporation, as provided  in  section  601
  (Members).   The   fact   that   the  corporation  is  a  not-for-profit
  corporation,  and  that  the   membership   certificate   or   card   is
  non-transferable  shall  be  noted  conspicuously on the face or back of
  each such certificate or card.