§ 3175
63 words·~1 min read·
/ca/public-utilities-code/3175A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 that retention as security does not affect the member’s right to vote.