§ 505 — Subvention certificates

New York § 505

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

Text

§ 505. Subvention certificates.\n (a) Each subvention certificate shall be signed by the chairman or a\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 employees. 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\nby the corporation with the same effect as if he were such officer at\nthe date of issue.\n (b) Each subvention certificate shall when issued state upon the face\nthereof:\n (1) The name of the person or persons to whom issued.\n (2) The amount of the subvention evidenced by such certificate.\n (3) The amount of the periodic payment thereon, if any, authorized by\nthe resolution of the board.\n (4) If appropriate, that the certificate is redeemable and a summary\nof the conditions for redemption at the option of the corporation or of\nthe holder.\n (5) If appropriate, that the certificate is transferable, either at\nwill or subject to specified restrictions.\n (c) The fact that the corporation is a not-for-profit corporation and,\nwhere appropriate, that the certificate is transferable at will or\nsubject to restrictions, shall be noted conspicuously on the face or\nback of each such certificate.\n