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DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS 54001-57700›CHAPTER 1. Nonprofit Cooperative Associations 54001-54294›ARTICLE 9. Members 54231-54239

§ 54235

California Food and Agricultural Code · 2020-11 edition · updated 2026-10-04 · California

An association shall not 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 does not affect the member’s right to vote.

(Enacted by Stats. 1967, Ch. 15.)

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California Food and Agricultural Code

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