New York § 501 Stock and shares prohibited; membership certificates authorized

New York Statutes

§ 501 — Stock and shares prohibited; membership certificates authorized

New York § 501

Law NPCNot-for-Profit Corporation

Art. 5Corporate Finance

This text of New York § 501 (Stock and shares prohibited; membership certificates authorized) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Not-for-Profit Corporation § 501 (2026).

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

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§ 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