§ 507 — Fees, dues and assessments; fines and penalties

New York § 507

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

Text

§ 507. Fees, dues and assessments; fines and penalties.\n (a) If authorized by its certificate of incorporation or by-laws and\nsubject to any limitations stated therein a corporation may levy\ninitiation fees, dues and assessments on its members, whether or not\nthey are voting members, and may impose reasonable fines or other\npenalties upon its members for violations of its rules and regulations.\n (b) Initiation fees, dues or assessments may be levied on all classes\nof members alike or in different amounts or proportions for different\nclasses of members, as the certificate of incorporation or the by-laws\nmay provide, but in all cases the fees, dues and assessments payable by\nmembers of one class shall be determined upon the same basis.\n (c) The certificate of incorporation or the by-laws may contain such\nprovisions as are deemed necessary to enforce the collection of fees,\ndues, assessments, fines or other penalties, including provisions for\nthe termination of membership, upon reasonable notice, for non-payment\nof such fees, dues, assessments, fines or other penalties, and\nprovisions for reinstatement of membership.\n (d) Subject to the provisions of this chapter, the certificate of\nincorporation may provide that members paying initiation fees, dues or\nassessments shall, upon dissolution of the corporation, have\ndistributive rights in its assets. The distributive rights may be\ndifferent for different classes of members, but in all cases the rights\nof members of one class shall be the same.\n