New York § 503 - 503Capital certificates
Full text of New York New York Consolidated Laws § 503 — 503Capital certificates, with citation guidance and answers to common questions.
§ 503. 503Capital certificates
§ 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) The name of the member to whom issued. (2) The amount of the member's capital contribution evidenced by such certificate. (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.
Frequently Asked Questions About New York § 503
What does New York Consolidated Laws § 503 cover?
Section 503 ("503Capital certificates") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 503?
A common citation format is "New York Consolidated Laws § 503" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 503 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.