Statute · California Business and Professions Code
Cal. Bus. & Prof. Code § 26229.4 — Members
Cal. Bus. & Prof. Code § 26229.4
- Type
- Statute
- Source
- California Business and Professions Code
- Jurisdiction
- California
- Date
- 2017-06-27
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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 the retention…
Citator
Cal. Bus. & Prof. Code § 26229.4 — Members is in force in the current edition of the Code, and nothing recorded condemns it.
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 the retention as security does not affect the member’s right to vote.