{"data":{"id":"us-ok/okla.-stat.-tit.-2-2-17-12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 2, § 2-17-12","heading":"Certificates of membership or stock certificates -","body":"Transfer - Preferred stock.\n\nA. When a member of an association has paid the membership fee\n\nor stock subscription in full, the association shall issue a\n\ncertificate of membership or a stock certificate to the member. The\n\nassociation may establish a policy of maintaining physical\n\npossession of the original certificates.\n\nB. No association shall issue membership certificates or stock\n\nuntil they have been fully paid for, but an association in its\n\nbylaws may admit a member and allow the member to vote and hold\n\noffice as soon as twenty percent (20%) of the membership fee or\n\nstock certificate has been paid.\n\nC. Ownership of common stock, certificates of indebtedness, or\n\nmembership certificates may be transferred by a member only to other\n\nassociations or to persons engaged in the production of agricultural\n\nproducts, and who are eligible to hold same. The transfer must be\n\napproved by the board of directors before it is binding on the\n\nassociation.\n\nD. 1. An association may issue and sell preferred stock to\n\nmembers or nonmembers. Preferred stock may be redeemable or\n\nretirable by the association on terms and conditions as may be\n\nprovided by the bylaws and printed on the stock certificate.\n\nPreferred stockholders shall not be entitled to vote.\n\n2. Whenever an association organized pursuant to the\n\nCooperative Marketing Association Act with preferred stock shall\n\npurchase the stock or any interest in any property of any person it\n\nmay discharge the obligation so incurred wholly or in part by\n\nexchanging for the acquired interest shares of its preferred stock\n\nto an amount which would equal the fair market value of the stock or\n\ninterest so purchased as determined by the board of directors.","path":["OK Code","Title 2"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os2.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"0fecfcd46dce06d09afd96b7aff0bbc6295d6fe1b8c886b8ced6585b5c99a018","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-2-2-17-11","next":"us-ok/okla.-stat.-tit.-2-2-17-13"},"notice":"GroundRules: Original legal text. Not legal advice."}