If the articles permit, any eligible subscriber for common stock or membership may vote and be treated as a member, after making part payment therefor in cash and giving the subscriber's note for the balance. Such subscriptions may be forfeited as provided in section 499.32. No stock or membership certificate shall be issued until fully paid for. No subscriber shall hold office until the subscriber's certificate has been issued.
[C35, § 8512-g16; C39, § 8512.16; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.16]
Referred to in § 499.30
Iowa General Assembly
Search: Iowa Code 1997
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