{"data":{"id":"us-ms/miss.-code-ann.-79-19-25","jurisdiction":"us-ms","citation":"Miss. Code Ann. § 79-19-25","heading":"Stock, membership certificates, when issued; voting; liability; limitations on transfer and ownership.","body":"When a member of an association established without capital stock has paid his membership fee, if required, in full he shall receive a certificate of membership.\nNo association shall issue stock to a member until it has been fully paid for.\nExcept for debts lawfully contracted between him and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his membership fee.\nNo stockholder of a cooperative association shall own more than one-twentieth (1/20) of the common stock of the association or more than one-twentieth (1/20) of the preferred stock of the association enjoying voting rights, but any one (1) stockholder may own one-twentieth (1/20) of each class; and an association, in its bylaws, may limit the amount of common stock or of preferred stock enjoying voting rights which one (1) member may own to any amount less than one-twentieth (1/20) of such stock.\nEach share of stock shall entitle the holder thereof to one (1) vote in the management of the association; provided, however, if authorized by the articles of association, classes of preferred stock may be issued without voting rights.\nPreferred stock may be redeemable or retirable by the association on such terms and conditions as may be provided for by the articles of association and printed on the face of the certificate.\nThe bylaws shall prohibit the transfer of the common stock or of preferred stock enjoying voting rights to persons not engaged in the production of the agricultural products handled by the association, and such restrictions must be printed upon every certificate of stock subject thereto.\nThe association may at any time, except when the debts of the association exceed fifty percent (50%) of the assets thereof, buy in or purchase its stock at book value thereof as conclusively determined by the board of directors and pay for it in cash within one (1) year thereafter.","path":["Title 79. Corporations, Associations, and Partnerships","Chapter 19. Agricultural Cooperative Marketing Associations"],"source_url":"https://archive.org/download/gov.ms.code.ann.2018/release78.2020.07.08/gov.ms.code.title.79.odt","current_through":"2020-07-08","vintage":"Mississippi Code Release 78 (2020-07), retrieved 2026-09-17","retrieved_at":"2026-10-27T05:54:23Z","sha256":"08d030a510e530fe336045a01f1bec988fca4365d6ebab61c8601579a6cd0fa3","source_id":"us-ms","stale":false,"prev":"us-ms/miss.-code-ann.-79-19-23","next":"us-ms/miss.-code-ann.-79-19-27","notices":[{"id":"open-us-law","title":"Open US Law compilation","text":"Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text.","url":"https://huggingface.co/datasets/vaquill/open-us-law","license_url":"https://creativecommons.org/licenses/by/4.0/"},{"id":"pro-ms","title":"Mississippi Release 78 supplement","text":"Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows.","url":"https://archive.org/details/gov.ms.code.ann.2018"}]},"notice":"GroundRules: Original legal text. Not legal advice."}