N.Y. Cooperative Corporations Law § 40: Certificate of membership

§ 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.