GroundRules
FAC § 54235
Where this section sits in the code
- Food and Agricultural Code - FAC
- DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS [54001. - 57700.]
- CHAPTER 1. Nonprofit Cooperative Associations [54001. - 54294.]
- ARTICLE 9. Members [54231. - 54239.]
An association shall not issue a certificate for stock to a member until it has been fully paid for. The promissory notes of the members may be accepted by the association as full or partial payment. The association shall hold the stock as security for the payment of the note, but such retention as security does not affect the member’s right to vote.
Collected 2026-09-14T05:56:33Z. Source file · JSON