N.Y. Not-for-Profit Corporation Law § 501: Stock and shares prohibited; membership certificates authorized

§ 501. Stock and shares prohibited; membership certificates authorized.

A corporation shall not have stock or shares or certificates for stock

or for shares, but may issue non-transferable membership certificates or

cards to evidence membership, whether or not connected with any

financial contribution to the corporation, as provided in section 601

(Members). The fact that the corporation is a not-for-profit

corporation, and that the membership certificate or card is

non-transferable shall be noted conspicuously on the face or back of

each such certificate or card.