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This entry was published on 2014-09-22
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Capital certificates
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 5
§ 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

(1) The name of the member to whom issued.

(2) The amount of the member's capital contribution evidenced by such

(3) If appropriate, that the corporation is a non-charitable
corporation, and that its certificate of incorporation provides that the
capital certificate is transferable to other members with the consent of
the corporation.

(4) 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.