501.501 Issuance and transfer of stock.

1. A cooperative may issue the number of shares of each class authorized by its articles. A cooperative may issue fractional shares. Stock may be represented by certificates or by entry on the cooperative's stock record books.

2. A member shall not sell or otherwise transfer voting stock to any person. A member may be restricted or limited from selling or otherwise transferring any other class of stock of the cooperative as provided by the cooperative's articles of incorporation or bylaws or an agreement executed between the cooperative and the member.

3. A cooperative may acquire its own stock, and shares so acquired constitute authorized but unissued shares.

Section History: Recent form

96 Acts, ch 1010, §30; 97 Acts, ch 16, §1

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