N.Y. NPC Law § 501
This is the official text of N.Y. NPC Law § 501, part of New York’s NPC Law — part of the compiled statutory law of New York, published by the state as "NPC Law." Browse the sections below, each linked to its official government source.
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Stock and shares prohibited; membership certificates authorized
Official statutory text
§ 501. Stock and shares prohibited; membership certificates authorized.\n A corporation shall not have stock or shares or certificates for stock\nor for shares, but may issue non-transferable membership certificates or\ncards to evidence membership, whether or not connected with any\nfinancial contribution to the corporation, as provided in section 601\n(Members). The fact that the corporation is a not-for-profit\ncorporation, and that the membership certificate or card is\nnon-transferable shall be noted conspicuously on the face or back of\neach such certificate or card.\n
Status: in_force · Read it on the official government site
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