501 - Stock and shares prohibited; membership certificates authorized.

§ 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  membership,  whether  or  not  connected  with  any  financial contribution to the corporation, as provided  in  section  601  (Members).   The   fact   that   the  corporation  is  a  not-for-profit  corporation,  and  that  the   membership   certificate   or   card   is  non-transferable  shall  be  noted  conspicuously on the face or back of  each such certificate or card.