§ 1017.
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/vt/title-11/chapter-7/1017A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 1017. Preferred stock
An association organized with stock may issue preferred stock but such stock shall have no voting privileges. Such stock may be issued on such terms and with such preferences as the board of directors may determine and may be sold to any person, member or nonmember, and may be redeemable or retirable by the association on such terms and conditions as may be provided in the certificate of organization and printed on the face of the stock certificate.