Statute · New York Cooperative Corporations Law
N.Y. Coop. Corp. Law § 40 — Certificate of membership
N.Y. Coop. Corp. Law § 40
- Type
- Statute
- Source
- New York Cooperative Corporations Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 40. Certificate of membership. 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…
Citator
N.Y. Coop. Corp. Law § 40 — Certificate of membership is in force in the current edition of the Code, and nothing recorded condemns it.
§ 40. Certificate of membership. 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.