Section 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) 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 person or persons to whom issued.
    (3) The amount of the subvention evidenced by such certificate.
    (4)  The amount of the periodic payment thereon, if any, authorized by
  the resolution of the board.
    (5) 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.
    (6) 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.