N.Y. Cooperative Corporations Law Section 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.

Source: Section 40 — Certificate of membership, https://www.­nysenate.­gov/legislation/laws/CCO/40 (updated Sep. 22, 2014; accessed Jan. 31, 2026).

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Verified:
Jan. 31, 2026

Last modified:
Sep. 22, 2014

§ 40. Certificate of membership's source at nysenate​.gov

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