N.Y. CCO Law § 40
This is the official text of N.Y. CCO Law § 40, part of New York’s CCO Law — part of the compiled statutory law of New York, published by the state as "CCO Law." Browse the sections below, each linked to its official government source.
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Certificate of membership
Official statutory text
§ 40. Certificate of membership. Every corporation shall issue to each\nmember, upon full payment therefor, a certificate of membership (whether\nevidenced by stock or otherwise) which shall not be transferable\notherwise than as may be prescribed in this chapter, the certificate of\nincorporation and by-laws. The corporation may accept as full or partial\npayment a member's promissory note, but shall hold the certificate as\nsecurity for payment, without, however, affecting the member's right to\nvote unless such note is past due.\n
Status: in_force · Read it on the official government site
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