Food and Agricultural Code section 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 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 does not affect the member’s right to vote.

Source: Section 54235, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FAC§ionNum=54235.­ (updated Jan. 1, 1967; accessed Jun. 25, 2025).

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Verified:
Jun. 25, 2025

§ 54235's source at ca​.gov