47-15-40. Promotion expenses--Commissions on stock sales--Limitations.
53 words·~1 min read·
/sd/title-47/chapter-47-15/47-15-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No cooperative funds may be used, nor any stock issued, in payment of any promotion expenses in excess of ten percent of the paid - up capital stock or membership fees. No commission or expenses shall be paid on the sale of stock in excess of ten percent of the par value thereof.