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2019 Tennessee Code
Title 59 - Mines and Mining
Chapter 13 - Coal Cooperative Marketing Associations
§ 59-13-123. Conditions of issuing stock.
Universal Citation: TN Code § 59-13-123 (2019)
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.
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