ARTICLE 9. Members [54231. - 54239.]

Article 9 enacted by Stats. 1967, Ch. 15.

§§ 54231–54239 · 9 sections

• § 54231 Under the terms and conditions which are prescribed in the bylaws adopted by it, an association may admit as members or issue common stock to only such persons…
• § 54232 If a member of a nonstock association is other than a natural person, such member may be represented by any individual, associate, officer, or manager or…
• § 54233 Any association may become a member or stockholder of any other association.
• § 54234 If a member of an association which is established without shares of stock has paid his membership fee in full, he shall receive a certificate of membership.
• § 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…
• § 54236 An association, in its bylaws, may limit the amount of common stock which any member may own.
• § 54237 The bylaws shall prohibit the transfer of the common stock or membership certificates of the associations to any person that is not qualified to be a…
• § 54238 The association may, at any time, as specified in the bylaws, except when the debts of the association exceed 50 percent of its assets, buy in or purchase its…
• § 54239 A member or stockholder is not liable for the debts of the association to an amount which exceeds the sum which remains unpaid on his membership fee or his…