§ 23-38-201 - Shares, stock, or certificates generally.
23-38-201. Shares, stock, or certificates generally.
(a) The bylaws of each association shall describe the several kinds or classes of shares, stock, or certificates which it may issue.
(b) The board of directors of the associations shall have power and authority to limit or suspend the issuing of any or all classes of shares, stock, or certificates, to fix a maximum limit for the excess payments, above the regular dues, which may be paid in any one (1) month on installment shares. The board may also remove the limit or suspension at any time in its discretion.