Laws of New York (Last Updated: November 21, 2014)

Section 40. Certificate of membership

Latest version.

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.

                    
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