Section 503. Capital certificates

(a)  Each  capital  certificate  shall  be  signed  by the chairman or
  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  employee.  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  capital  certificate  shall when issued state upon the face
  thereof:
    (1) That the corporation is a Type ..... corporation under section 113
  or section 402 of the New York Not-for-Profit Corporation Law.
    (2) The name of the member to whom issued.
    (3) The amount of the member's capital contribution evidenced by  such
  certificate.
    (4)  If appropriate, that the corporation is a Type A corporation, and
  that  its  certificate  of  incorporation  provides  that  the   capital
  certificate  is  transferable  to  other members with the consent of the
  corporation.
    (c) The fact that the corporation is a not-for-profit corporation, and
  that the capital certificate is non-transferable or is  transferable  to
  other  members,  with  the  consent  of  the corporation, shall be noted
  conspicuously on the face or back of each such certificate.