§ 503 — Capital certificates

New York § 503

• Jurisdiction: New York
• Law NPC: Not-for-Profit Corporation
• Art. 5: Corporate Finance

Text

§ 503. Capital certificates.\n (a) Each capital certificate shall be signed by the chairman or\nvice-chairman of the board or the president or a vice-president and the\nsecretary or an assistant secretary or the treasurer or an assistant\ntreasurer of the corporation, and may be sealed with the seal of the\ncorporation or a facsimile thereof. The signatures of the officers upon\na certificate may be facsimiles if the certificate is countersigned by a\ntransfer agent or registered by a registrar other than the corporation\nitself or its employee. In case any officer who has signed or whose\nfacsimile signature has been placed upon a certificate shall have ceased\nto be such officer before such certificate is issued it may be issued by\nthe corporation with the same effect as if he were such officer at the\ndate of issue.\n (b) Each capital certificate shall when issued state upon the face\nthereof:\n (1) The name of the member to whom issued.\n (2) The amount of the member's capital contribution evidenced by such\ncertificate.\n (3) If appropriate, that the corporation is a non-charitable\ncorporation, and that its certificate of incorporation provides that the\ncapital certificate is transferable to other members with the consent of\nthe corporation.\n (4) The fact that the corporation is a not-for-profit corporation, and\nthat the capital certificate is non-transferable or is transferable to\nother members, with the consent of the corporation, shall be noted\nconspicuously on the face or back of each such certificate.\n