§ 501 Stock and shares prohibited; membership certificates authorized
§ 502 Members' capital contributions
§ 503 Capital certificates
§ 504 Subventions
§ 505 Subvention certificates
§ 506 Bonds and security interests
§ 507 Fees, dues and assessments; fines and penalties
§ 508 Income from corporate activities
§ 509 Purchase, sale, mortgage and lease of real property
§ 510 Disposition of all or substantially all assets
§ 511 Petition for court approval
§ 511-A Petition for attorney general approval
§ 513 Administration of assets received for specific purposes
§ 514 Delegation of investment management
§ 515 Dividends prohibited; certain distributions of cash or property authorized
§ 516 Distributions to members upon termination of membership
§ 517 Liabilities of members
§ 519 Annual report of directors
§ 519-A Annual reports for certain transactions required
§ 520 Reports of corporation
§ 521 Liability for failure to disclose required information
non profit

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Terms Used In New York Laws > Not-for-Profit Corporation > Article 5 - Corporate Finance

  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Trustee: A person or institution holding and administering property in trust.