There is a newer version of the California Code
2011 California Code
Food and Agricultural Code
DIVISION 20. PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS [54001 - 57700]
ARTICLE 9. Members
Section 54235
CA Food & Agri Code § 54235 (through 2012 Leg Sess) What's This?
An association shall not issue a certificate for 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 does not affect the member s right to vote.
(Enacted by Stats. 1967, Ch. 15.)
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