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.
Structure New York Laws
NPC - Not-For-Profit Corporation
501 - Stock and Shares Prohibited; Membership Certificates Authorized.
502 - Members' Capital Contributions.
505 - Subvention Certificates.
506 - Bonds and Security Interests.
507 - Fees, Dues and Assessments; Fines and Penalties.
508 - Income From Corporate Activities.
509 - Purchase, Sale, Mortgage and Lease of Real Property.
510 - Disposition of All or Substantially All Assets.
511 - Petition for Court Approval.
511-A - Petition for Attorney General Approval.
513 - Administration of Assets Received for Specific Purposes.
514 - Delegation of Investment Management.
515 - Dividends Prohibited; Certain Distributions of Cash or Property Authorized.
516 - Distributions to Members Upon Termination of Membership.
519 - Annual Report of Directors.
519-A - Annual Reports for Certain Transactions Required.
521 - Liability for Failure to Disclose Required Information.