New York § 505 - 505Subvention certificates
Full text of New York New York Consolidated Laws § 505 — 505Subvention certificates, with citation guidance and answers to common questions.
§ 505. 505Subvention certificates
§ 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) The name of the person or persons to whom issued. (2) The amount of the subvention evidenced by such certificate. (3) The amount of the periodic payment thereon, if any, authorized by the resolution of the board. (4) 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. (5) 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.
Frequently Asked Questions About New York § 505
What does New York Consolidated Laws § 505 cover?
Section 505 ("505Subvention 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 § 505?
A common citation format is "New York Consolidated Laws § 505" (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 § 505 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.