21-1334. Cooperative farm land company; articles of incorporation; contents; new members.

179 words·~1 min read·/ne/chapter-21/21-1334

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Every such cooperative farm land company shall provide in its articles of incorporation

(1)that the word cooperative shall be included in its corporate name and that it proposes to organize as a cooperative farm land company;

(2)if organized with capital stock, that no one person shall own either directly or indirectly more than five percent of the capital stock of the company;

(3)if organized without capital stock, whether the property rights and interest of each member shall be equal or unequal; and if unequal, the general rule or rules applicable to all members by which the property rights and interests, respectively, of each member may and shall be determined and fixed; and the association shall have the power to admit new members who shall be entitled to share in the property of the association with the old members, in accordance with such general rule or rules; and

(4)that dividends on the capital stock shall be fixed by the company, but shall in no event exceed six percent per annum of the amount actually paid thereon.