§ 40. Certificate of membership. Every corporation shall issue to each
member, upon full payment therefor, a certificate of membership (whether
evidenced by stock or otherwise) which shall not be transferable
otherwise than as may be prescribed in this chapter, the certificate of
incorporation and by-laws. The corporation may accept as full or partial
payment a member's promissory note, but shall hold the certificate as
security for payment, without, however, affecting the member's right to
vote unless such note is past due.