New York Not-For-Profit Corporation Law Article 5 - CORPORATE FINANCE

• 501 - Stock and Shares Prohibited; Membership Certificates Authorized.
  A corporation shall not have stock or shares or certificates for stock or for shares, but may issue non-transferable membership certificates or cards to evidence...
• 502 - Members' Capital Contributions.
  (a) The certificate of incorporation may provide that members, upon or subsequent to admission, shall make capital contributions in the amount specified therein. The requirement...
• 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...
• 504 - Subventions.
  (a) The certificate of incorporation may provide that the corporation shall be authorized by resolution of the board to accept subventions from members or non-members...
• 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...
• 506 - Bonds and Security Interests.
  (a) No corporation shall issue bonds except for money or other property, tangible or intangible, or labor or services actually received by or performed for...
• 507 - Fees, Dues and Assessments; Fines and Penalties.
  (a) If authorized by its certificate of incorporation or by-laws and subject to any limitations stated therein a corporation may levy initiation fees, dues and...
• 508 - Income From Corporate Activities.
  A corporation whose lawful activities involve among other things the charging of fees or prices for its services or products shall have the right to...
• 509 - Purchase, Sale, Mortgage and Lease of Real Property.
  (a) No corporation shall purchase real property unless such purchase is authorized by the vote of a majority of directors of the board or of...
• 510 - Disposition of All or Substantially All Assets.
  (a) A sale, lease, exchange or other disposition of all, or substantially all, the assets of a corporation may be made upon such terms and...
• 511 - Petition for Court Approval.
  (a) To obtain court approval to sell, lease, exchange or otherwise dispose of all or substantially all its assets, a corporation shall present a verified...
• 511-a - Petition for Attorney General Approval.
  (a) In lieu of obtaining court approval under section 511 (Petition for court approval) of this article to sell, lease, exchange or otherwise dispose of...
• 513 - Administration of Assets Received for Specific Purposes.
  (a) A corporation which is, or would be if formed under this chapter, a charitable corporation shall hold full ownership rights in any assets consisting...
• 514 - Delegation of Investment Management.
  (a) Except as otherwise provided by the applicable gift instrument as defined in section 551 (Definitions), the governing board may delegate to its committees, officers...
• 515 - Dividends Prohibited; Certain Distributions of Cash or Property Authorized.
  (a) A corporation shall not pay dividends or distribute any part of its income or profit to its members, directors, or officers. (b) A corporation...
• 516 - Distributions to Members Upon Termination of Membership.
  (a) Except as provided in this chapter or the certificate of incorporation or the by-laws, the interest of a member in the property of a...
• 517 - Liabilities of Members.
  (a) The members of a corporation shall not be personally liable for the debts, liabilities or obligations of the corporation. (b) A member shall be...
• 519 - Annual Report of Directors.
  (a) The board shall present at the annual meeting of members a report, verified by the president and treasurer or by a majority of the...
• 519-a - Annual Reports for Certain Transactions Required.
  (a) Every condominium or cooperative housing corporation, incorporated pursuant to this chapter, shall, at least once each year: (1) require that each director, as defined...
• 520 - Reports of Corporation.
  Each domestic corporation, and each foreign corporation authorized to conduct activities in this state, shall from time to time file such reports on its activities...
• 521 - Liability for Failure to Disclose Required Information.
  Failure of the corporation to comply in good faith with the notice or disclosure or reporting provisions of section 501 (Stock and shares prohibited; membership...

Last modified: February 3, 2019