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.
Tenn. Code Ann. § 59-13-123
Conditions of issuing stock
Known as the Tennessee Coal Cooperative Marketing Association Law
The act spans §§ 59-13-101 to 59-13-144 (44 sections).
Acts 1984, ch. 864, § 23.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.