N.Y. Not-for-Profit Corporation Law § 505: Subvention certificates

§ 505. Subvention certificates.

(a) Each subvention certificate shall be signed by the chairman or a

vice-chairman of the board or the president or a vice-president and the

secretary or an assistant secretary or the treasurer or an assistant

treasurer of the corporation, and may be sealed with the seal of the

corporation or a facsimile thereof. The signatures of the officers upon

a certificate may be facsimiles if the certificate is countersigned by a

transfer agent or registered by a registrar other than the corporation

itself or its employees. In case any officer who has signed or whose

facsimile signature has been placed upon a certificate shall have ceased

to be such officer before such certificate is issued, it may be issued

by the corporation with the same effect as if he were such officer at

the date of issue.

(b) Each subvention certificate shall when issued state upon the face

thereof:

(1) The name of the person or persons to whom issued.

(2) The amount of the subvention evidenced by such certificate.

(3) The amount of the periodic payment thereon, if any, authorized by

the resolution of the board.

(4) If appropriate, that the certificate is redeemable and a summary

of the conditions for redemption at the option of the corporation or of

the holder.

(5) If appropriate, that the certificate is transferable, either at

will or subject to specified restrictions.

(c) The fact that the corporation is a not-for-profit corporation and,

where appropriate, that the certificate is transferable at will or

subject to restrictions, shall be noted conspicuously on the face or

back of each such certificate.