There is a newer version
of
the New York Laws
2018 New York Laws
NPC - Not-For-Profit Corporation
Article 5 - Corporate Finance
501 - Stock and Shares Prohibited; Membership Certificates Authorized.
Universal Citation: NY Not for Profit Corp L § 501 (2018)
§ 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.
Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
