N.Y. CCO Law § 42
This is the official text of N.Y. CCO Law § 42, 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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Forfeiture of membership
Official statutory text
§ 42. Forfeiture of membership. In accordance with provisions therefor\nin the by-laws, any person shall forfeit his membership upon proof that\nhe has ceased to be engaged in the occupation or occupations for the\nservicing of which the corporation was formed, or has ceased to have the\nqualifications requisite for membership; and shall upon such notice and\nterms as may be prescribed in the by-laws, surrender his membership\ncertificate or his shares of stock upon payment of the par or otherwise\ndesignated value thereof and of any accrued dividends thereon, as may\nappear in the accounting at the end of the current fiscal year.\n
Status: in_force · Read it on the official government site
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