reglab/housing_qa huggingface dataset:
NY Not for Profit Corp L § 503 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 503 - Capital 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.
NY Not for Profit Corp L § 505 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 505 - Subvention 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.
NY Not for Profit Corp L § 506 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 506 - Bonds and Security Interests.

§ 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 the  corporation  or  for  its  benefit  or  in  its formation or reorganization, or a combination thereof. In the absence of fraud  in  the transaction, the judgment of the board as to the value of the consideration received by the corporation shall be conclusive.  (b) A corporation may pay reasonable interest on its bonds, may  issue its  bonds at a reasonable discount and may pay a reasonable premium for the redemption thereof prior to maturity, but the holders of  its  bonds shall  not  be entitled at any time to receive any part of the income or profit of the corporation nor at  maturity  to  receive  more  than  the principal  sum  thereof  plus  interest  due and accrued thereon. In the absence of fraud in the transaction, the judgment of the board as to the reasonableness of any  such  interest,  discount  or  premium  shall  be conclusive.  However,  with  respect  to  bonds  not  a part of a public offering, notwithstanding the terms of the instrument, no  member  of  a corporation  shall  be entitled to receive, directly or indirectly, as a holder or beneficiary of such bond, prior  to  maturity  or  redemption, more  than  simple interest thereon at a rate equal to the higher of (1) the maximum interest authorized pursuant to section 5-501 of the general obligations law or (2) one percent  over  the  prime  rate  of  interest generally  prevailing  on  the  interest due date in the Federal Reserve District of New York, nor at  maturity  or  redemption,  more  than  the principal  sum  thereof  plus  any  interest,  not exceeding the maximum interest herein specified, due and accrued thereon.  (c) A corporation may, in its certificate of incorporation or by-laws, confer upon the holders of any bonds issued  or  to  be  issued  by  the corporation, rights to inspect the corporate books and records and, upon default  of interest or principal, to vote in the election of directors. The certificate of incorporation or the by-laws may apportion the number of votes that may be cast with respect to bonds  on  the  basis  of  the amount of bonds held.  (d) The board may authorize any mortgage or pledge of, or the creation of a security interest in, all or any part of the corporation's personal property,   or   any   interest   therein.  Unless  the  certificate  of incorporation provides otherwise, no vote  or  consent  of  the  members shall be required to approve such action by the board.
NY Not for Profit Corp L § 507 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 507 - Fees, Dues and Assessments; Fines and Penalties.

§ 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  assessments on its members, whether or not they are voting members,  and  may  impose  reasonable  fines  or  other penalties upon its members for violations of its rules and regulations.  (b)  Initiation fees, dues or assessments may be levied on all classes of members alike or in different amounts or  proportions  for  different classes  of  members, as the certificate of incorporation or the by-laws may provide, but in all cases the fees, dues and assessments payable  by members of one class shall be determined upon the same basis.  (c)  The  certificate of incorporation or the by-laws may contain such provisions as are deemed necessary to enforce the  collection  of  fees, dues,  assessments,  fines  or other penalties, including provisions for the termination of membership, upon reasonable notice,  for  non-payment of   such  fees,  dues,  assessments,  fines  or  other  penalties,  and provisions for reinstatement of membership.  (d) Subject to the provisions of  this  chapter,  the  certificate  of incorporation  may  provide that members paying initiation fees, dues or assessments  shall,  upon   dissolution   of   the   corporation,   have distributive  rights  in  its  assets.  The  distributive  rights may be different for different classes of members, but in all cases the  rights of members of one class shall be the same.
NY Not for Profit Corp L § 508 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 508 - Income From Corporate Activities.

§ 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  receive  such income and, in so doing, may make an incidental   profit. All such incidental profits shall be applied to the maintenance,   expansion or operation of the lawful activities of the corporation,  and   in  no  case  shall  be  divided or distributed in any manner whatsoever   among the members, directors, or officers of the corporation.
NY Not for Profit Corp L § 509 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 509 - Purchase, Sale, Mortgage and Lease of Real Property.

§ 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 a majority of a committee authorized by the board, provided that if such property  would, upon purchase thereof, constitute all, or substantially all, of the assets of the corporation, then the vote  of  two-thirds  of the  entire board shall be required, or, if there are twenty-one or more directors, the  vote  of  a  majority  of  the  entire  board  shall  be sufficient.  (b)  No corporation shall sell, mortgage, lease, exchange or otherwise dispose of its real property unless authorized by the vote of a majority of directors of the board or of a majority of a committee authorized  by the   board;   provided  that  if  such  property  constitutes  all,  or substantially all, of the assets of the corporation, then  the  vote  of two-thirds  of  the  entire  board  shall  be required, or, if there are twenty-one or more directors, the vote of a majority of the entire board shall be sufficient.  (c) If a  corporation  authorizes  a  committee  to  act  pursuant  to paragraphs  (a)  and  (b)  of this section, the committee shall promptly report any actions taken to the board, and in no event  after  the  next regularly scheduled meeting of the board.
NY Not for Profit Corp L § 510 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 510 - Disposition of All or Substantially All Assets.

§ 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  conditions  and for such consideration, which may consist in whole or in part of cash or other property, real or personal,  including shares,  bonds  or  other  securities  of  any other domestic or foreign corporation or corporations  of  any  kind,  as  may  be  authorized  in accordance with the following procedure:  (1)  If  there  are  members entitled to vote thereon, the board shall adopt a resolution recommending such  sale,  lease,  exchange  or  other disposition.  The  resolution  shall specify the terms and conditions of the proposed transaction, including the consideration to be received  by the  corporation  and  the  eventual  disposition  to  be  made  of such consideration, together with a statement that  the  dissolution  of  the corporation  is  or is not contemplated thereafter. The resolution shall be submitted to a vote at a meeting of members entitled to vote thereon, which may be either an annual  or  a  special  meeting.  Notice  of  the meeting  shall  be  given  to  each member and each holder of subvention certificates or bonds of the corporation, whether  or  not  entitled  to vote. At such meeting by two-thirds vote as provided in paragraph (c) of section  613  (Vote  of  members)  the  members may approve the proposed transaction according to the terms of the resolution of  the  board,  or may  approve  such  sale,  lease,  exchange or other disposition and may authorize the board to modify the terms and conditions thereof.  (2) If there are no members  entitled  to  vote  thereon,  such  sale, lease,  exchange or other disposition shall be authorized by the vote of at least two-thirds of the entire board,  provided  that  if  there  are twenty-one or more directors, the vote of a majority of the entire board shall be sufficient.  (3)  If  the corporation is, or would be if formed under this chapter, classified as a charitable corporation under section 201 (Purposes) such sale, lease, exchange or other disposition  shall  in  addition  require approval  of  the  attorney general or the supreme court in the judicial district or of the county court of the county in which  the  corporation has its office or principal place of carrying out the purposes for which it  was  formed  in  accordance  with  section  511  (Petition for court approval) or section 511-a (Petition for attorney general  approval)  of this article.  (b)  After  such authorization the board in its discretion may abandon such sale, lease, exchange or other disposition of  assets,  subject  to the rights of third parties under any contract relating thereto, without further action or approval.
NY Not for Profit Corp L § 511-A (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 511-A - Petition for Attorney General Approval.

§ 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  all  or  substantially  all  of  its assets, the corporation may alternatively seek approval of the attorney  general  by verified  petition,  except  in  the  following  circumstances:  (1) the corporation is insolvent, or would become insolvent as a result  of  the transaction,  and  must  proceed  on  notice  to  creditors  pursuant to paragraph (c) of section 511  of  this  article;  or  (2)  the  attorney general,  in his or her discretion, concludes that a court should review the petition and make a determination thereon.  (b) The verified petition to the attorney general shall set forth  (1) all of the information required to be included in a verified petition to obtain  court  approval  pursuant  to  subparagraphs one through nine of paragraph (a) of section 511 of this article; (2) a statement  that  the corporation  is  not insolvent and will not become insolvent as a result of the transaction; and (3) a statement as to whether any  persons  have raised,  or  have  a  reasonable basis to raise, objections to the sale, lease, exchange  or  other  disposition  that  is  the  subject  of  the petition, including a statement setting forth the names and addresses of such  persons,  the nature of their interest, and a description of their objections. The attorney general, in his or her discretion,  may  direct the  corporation  to  provide  notice of such petition to any interested person, and the corporation shall provide the attorney  general  with  a certification that such notice has been provided.  (c)  If  it  shall appear, to the satisfaction of the attorney general that the consideration and the terms of the  transaction  are  fair  and reasonable  to  the corporation and that the purposes of the corporation or the interests of the members will be promoted, the  attorney  general may  authorize  the sale, lease, exchange or other disposition of all or substantially all the assets of the corporation,  as  described  in  the petition,  for  such  consideration  and upon such terms as the attorney general may prescribe. The authorization of the attorney  general  shall direct the disposition of the consideration to be received thereunder by the corporation.  (d)  At  any  time, including if the attorney general does not approve the petition, or if the attorney general concludes that court review  is appropriate,  the  petitioner  may  seek court approval on notice to the attorney general pursuant to section 511 (Petition for  court  approval) of this article.
NY Not for Profit Corp L § 513 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 513 - Administration of Assets Received for Specific Purposes.

§ 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 of funds or other real or personal property of any kind, that may  be  given, granted, bequeathed or devised to or otherwise vested in such corporation in trust for, or with a direction to apply the same to, any purpose specified in its certificate of incorporation, and shall not be deemed a trustee of an  express  trust  of  such  assets.  Any  other corporation  subject  to  this  chapter  may  similarly  hold  assets so received, unless otherwise provided by law  or  in  the  certificate  of incorporation.  (b)  Except  as  may be otherwise permitted under article eight of the estates, powers and trusts law or section 555 (Release  or  modification of  restrictions  on  management, investment, or purpose), the governing board shall apply all assets thus received to the purposes specified  in the  gift  instrument as defined in section 551 (Definitions) and to the payment of the reasonable and proper expenses of administration of  such assets.  The governing board shall cause accurate accounts to be kept of such assets separate and apart from the accounts of other assets of  the corporation.  Unless the terms of the particular gift instrument provide otherwise, the treasurer shall make an annual report to the members  (if there  be  members)  or  to the governing board (if there be no members) concerning the assets held under this section and the use made  of  such assets and of the income thereof.
NY Not for Profit Corp L § 514 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 514 - Delegation of Investment Management.

§ 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 or employees of the corporation or the fund the authority to act in place of the governing board in  investment  and reinvestment   of   institutional   funds  as  defined  in  section  551 (Definitions). Each contract, if any, pursuant to which authority is  so delegated shall provide that it may be terminated by the governing board at  any  time,  without  penalty, upon not more than sixty days' notice. Section 554 (Delegation of management and  investment  functions)  shall govern external delegation.  (b)  The  governing board shall exercise the standard of care required by section 717 (Duty of directors and  officers)  in  the  selection  of persons  to  whom authority is delegated or with whom contracts are made under  paragraph  (a)  of  this  section  and  in  the  continuation  or termination  of such delegation or contracts.  The governing board shall be relieved of all liability for  the  investment  and  reinvestment  of institutional  funds by, and for the other acts or omissions of, persons to whom authority is so delegated or with whom contracts are so made.
NY Not for Profit Corp L § 515 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 515 - Dividends Prohibited; Certain Distributions of Cash or Property Authorized.

§ 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  may  pay  compensation  in a reasonable amount to members, directors, or officers, for services  rendered,  and  may  make distributions  of  cash or property to members upon dissolution or final liquidation as permitted by this chapter. No person who may benefit from such compensation may be present at  or  otherwise  participate  in  any board  or  committee  deliberation  or  vote  concerning  such  person's compensation; provided that nothing in this section shall  prohibit  the board  or  authorized  committee  from  requesting that a person who may benefit from such compensation  present  information  as  background  or answer   questions  at  a  committee  or  board  meeting  prior  to  the commencement of deliberations or voting  relating  thereto.  Nothing  in this  section  or  in  paragraph (h) of section seven hundred fifteen of this chapter shall be construed to prohibit a director from deliberating or voting concerning compensation for service on the board that is to be made available or provided to all directors of the  corporation  on  the same or substantially similar terms.  (c)  A  corporation  may confer benefits upon members or nonmembers in conformity with its purposes, may redeem  its  capital  certificates  or subvention  certificates,  and  may  make other distributions of cash or property to its members or former members, directors, or officers  prior to  dissolution  or  final  liquidation,  as authorized by this article, except when the corporation is currently insolvent or would  thereby  be made insolvent or rendered unable to carry on its corporate purposes, or when  the  fair  value  of the corporation's assets remaining after such conferring of benefits, or redemption, or other  distribution  would  be insufficient to meet its liabilities.
NY Not for Profit Corp L § 516 (2021)
2021 New York Laws NPC - Not-For-Profit Corporation Article 5 - Corporate Finance 516 - Distributions to Members Upon Termination of Membership.

§ 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 corporation shall terminate upon the termination of his membership, whether  by  expiration  of  the  term  of  membership, or by the death, voluntary withdrawal, or expulsion of the  member,  or  otherwise.  Such termination  shall be without prejudice to his rights, if any, as holder of a capital or subvention certificate.  (b) In the event of a termination of membership, whether voluntary  or involuntary,  and  subject to any restrictions contained in this chapter or the certificate of incorporation or the by-laws, a corporation may at its option thereafter call for redemption  any  capital  certificate  or certificates  held  by  such  former  member,  and  redeem the same upon payment of a sum of money equal to the redemption price thereof if  such certificates  are by their terms redeemable, or upon payment of a sum of money equal to the amount of the capital contribution evidenced by  such certificates if they are not by their express terms redeemable.  (c)  If  a  member  who would upon dissolution of the corporation have distributive rights in its assets under paragraph  (d)  of  section  507 (Fees, dues and assessments; fines and penalties) is expelled other than for cause pursuant to a provision of the certificate of incorporation or by-laws  authorizing  such  expulsion,  and the corporation is dissolved within a period of five years after the  date  of  such  expulsion,  the expelled member shall be entitled to share in the distribution of assets in  the same manner as other members of the same class entitled to share at that time, except that his share shall be charged with any arrearages and all dues and assessments which he would have paid if he had remained a member, plus interest on all such items.  (d) Nothing in this section shall authorize a corporation  to  make  a distribution  of cash or property to a former member in contravention of the  provisions  of   section   515   (Dividends   prohibited;   certain distributions of cash or property authorized).