§ 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.