N.Y. Coop. Corp. Law § 40
Current through 2024 NY Law Chapter 553
Every corporation shall issue to each member, upon full payment therefor, a certificate of membership (whether evidenced by stock or otherwise) which shall not be transferable otherwise than as may be prescribed in this chapter, the certificate of incorporation and by-laws. The corporation may accept as full or partial payment a member's promissory note, but shall hold the certificate as security for payment, without, however, affecting the member's right to vote unless such note is past due.
N.Y. Coop. Corp. Law § 40