2014 Vermont Statutes
Title 11 - Corporations, Partnerships and Associations
Chapter 7 - COOPERATIVES
Subchapter 2: THE COOPERATIVE MARKETING ACT
§ 1015 Issue of stock
§ 1015. Issue of stock
An association shall not issue stock to a member until it has been fully paid for. The promissory notes of the members may be accepted by the association as full or partial payment. The association shall hold the stock as security for the payment of the note, but such retention as security shall not affect the member's right to vote. Until such notes are paid in full, the corresponding stock, to the extent of unpaid balances, shall be carried on the books of the association and upon all financial statements made by the association as "capital stock issued for notes," and the notes shall be carried on such books and statements as "notes given for capital stock."
Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
