Appellate Division of the Supreme Court of the State of New York July 6, 1925 (Chas. F. Garrigues Co. v. New York Produce Exchange)

Finch, J.:

The appellant, New York Produce Exchange, is a membership corporation, to each member of which is issued a certificate of-membership. These certificates are transferable and sell in the open market. They do not, however, entitle a transferee to membership in the exchange, but merely to the right to apply for election to such membership.