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2025 California Code
Food and Agricultural Code - FAC
DIVISION 20 - PROCESSORS, STORERS, DEALERS, AND DISTRIBUTORS OF AGRICULTURAL PRODUCTS
CHAPTER 1 - Nonprofit Cooperative Associations
ARTICLE 9 - Members
Section 54235.
Universal Citation:
CA Food & Agri Code § 54235 (2025)
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54235. 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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