Sec. 33-187. Capital stock; franchise tax.
152 words·~1 min read·
/ct/title-33/chapter-595-cooperative-associations/33-187·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The amount of capital stock of any cooperative association organized under the provisions of this chapter shall be fixed by its articles of association at a sum not exceeding fifty million dollars par value, and shall be subject to the same franchise tax as the capital stock of other corporations organized under the general laws, which tax shall be paid to the Secretary of the State. The association may increase or diminish the amount and number of shares of such stock at any meeting of the member shareholders specially called for such purpose, but no shares shall be issued at less than their par value.
Not later than five days after the passage of any vote increasing or diminishing such stock, such association shall cause a certificate setting forth such vote, signed by a majority of the board of directors, to be recorded in the office of the Secretary of the State.