Tennessee Code 59-13-123 – Conditions of issuing stock
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Terms Used In Tennessee Code 59-13-123
- Association: means any corporation organized under this chapter. See Tennessee Code 59-13-103
- Member: means actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 59-13-103
No association shall issue 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.