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2019 New Hampshire Revised Statutes
Title XXVII - Corporations, Associations, and Proprietors of Common Lands
Chapter 301 - Cooperative Marketing and Rural Electrification Associations
Section 301:26 - Stock.
Universal Citation: NH Rev Stat § 301:26 (2019)
301:26 Stock. –
No association shall 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."
Source. 1925, 33:13; 142:2. PL 224:26. RL 273:26.
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