§ 13310
79 words·~1 min read·
/ca/corporations-code/13310A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.