California Corporations Code 13310 – No association shall issue a certificate for stock to a member until …
Current as of: 2024 | Check for updates
|
Other versions
No association shall 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 shall not affect the member’s right to vote. An association, in its by-laws, may limit the amount of common stock which one member may own.
(Added by Stats. 1953, Ch. 207.)
Terms Used In California Corporations Code 13310
- Association: means any corporation organized under this part. See California Corporations Code 13202
- Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See California Corporations Code 13202