{"data":{"id":"us-ny/n.y.-not-for-profit-corporation-law-501","jurisdiction":"us-ny","citation":"N.Y. Not-for-Profit Corporation Law § 501","heading":"Stock and shares prohibited; membership certificates authorized","body":"§ 501. Stock and shares prohibited; membership certificates authorized.\n  A corporation shall not have stock or shares or certificates for stock\nor for shares, but may issue non-transferable membership certificates or\ncards to evidence membership, whether or not connected with any\nfinancial contribution to the corporation, as provided in section 601\n(Members). The fact that the corporation is a not-for-profit\ncorporation, and that the membership certificate or card is\nnon-transferable shall be noted conspicuously on the face or back of\neach such certificate or card.","path":["Not-for-Profit Corporation Law","Article 5. Corporate Finance"],"source_url":"https://legislation.nysenate.gov/api/3/laws/NPC/501","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:45Z","sha256":"caa419e52f3d7f0e84d3e67ff95c92785bc01fddb0573d4a116634da57457332","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-not-for-profit-corporation-law-406","next":"us-ny/n.y.-not-for-profit-corporation-law-502"},"notice":"GroundRules: Original legal text. Not legal advice."}