{"data":{"id":"us-ny/n.y.-cooperative-corporations-law-40","jurisdiction":"us-ny","citation":"N.Y. Cooperative Corporations Law § 40","heading":"Certificate of membership","body":"§ 40. Certificate of membership. Every corporation shall issue to each\nmember, upon full payment therefor, a certificate of membership (whether\nevidenced by stock or otherwise) which shall not be transferable\notherwise than as may be prescribed in this chapter, the certificate of\nincorporation and by-laws. The corporation may accept as full or partial\npayment a member's promissory note, but shall hold the certificate as\nsecurity for payment, without, however, affecting the member's right to\nvote unless such note is past due.","path":["Cooperative Corporations Law","Article 3. Members and Meetings"],"source_url":"https://legislation.nysenate.gov/api/3/laws/CCO/40","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"15642b802264991cc392b1849965ed1f030dbb032afd20396ee8cbea23064077","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-cooperative-corporations-law-18","next":"us-ny/n.y.-cooperative-corporations-law-41"},"notice":"GroundRules: Original legal text. Not legal advice."}