499.16 Subscriptions — stock or membership.
139 words·~1 min read·
/ia/chapter-499-cooperative-associations/499-16·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If permitted by the association’s articles of incorporation, any eligible subscriber for common stock or membership may vote and be treated as a member after making part payment of the amount, if any, required to be paid for the common stock or membership in cash, giving the subscriber’s note for the balance, and satisfying any other requirement for the subscription as set forth in the articles. A subscription may be forfeited as provided in section 499.32. Stock or membership shall not be issued until payment of the amount, if any, required to be paid for the stock or membership is fully made.
A subscriber shall not hold office until the association has issued the subscriber stock or membership.
[C35, §8512-g16; C39, §8512.16; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499.16]
Referred to in §499.30