There is a newer version
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the New York Laws
2018 New York Laws
CCO - Cooperative Corporations
Article 3 - Members and Meetings
40 - Certificate of Membership.
Universal Citation: NY Coop Corp L § 40 (2018)
§ 40. Certificate of membership. Every corporation shall issue to each member, upon full payment therefor, a certificate of membership (whether evidenced by stock or otherwise) which shall not be transferable otherwise than as may be prescribed in this chapter, the certificate of incorporation and by-laws. The corporation may accept as full or partial payment a member's promissory note, but shall hold the certificate as security for payment, without, however, affecting the member's right to vote unless such note is past due.
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