Okla. Stat. tit. 2, § 2-17-12: Certificates of membership or stock certificates -

Transfer - Preferred stock.

A. When a member of an association has paid the membership fee

or stock subscription in full, the association shall issue a

certificate of membership or a stock certificate to the member. The

association may establish a policy of maintaining physical

possession of the original certificates.

B. No association shall issue membership certificates or stock

until they have been fully paid for, but an association in its

bylaws may admit a member and allow the member to vote and hold

office as soon as twenty percent (20%) of the membership fee or

stock certificate has been paid.

C. Ownership of common stock, certificates of indebtedness, or

membership certificates may be transferred by a member only to other

associations or to persons engaged in the production of agricultural

products, and who are eligible to hold same. The transfer must be

approved by the board of directors before it is binding on the

association.

D. 1. An association may issue and sell preferred stock to

members or nonmembers. Preferred stock may be redeemable or

retirable by the association on terms and conditions as may be

provided by the bylaws and printed on the stock certificate.

Preferred stockholders shall not be entitled to vote.

2. Whenever an association organized pursuant to the

Cooperative Marketing Association Act with preferred stock shall

purchase the stock or any interest in any property of any person it

may discharge the obligation so incurred wholly or in part by

exchanging for the acquired interest shares of its preferred stock

to an amount which would equal the fair market value of the stock or

interest so purchased as determined by the board of directors.