498.33 - USE OF FUNDS -- PROMOTION EXPENSES.
498.33 USE OF FUNDS -- PROMOTION EXPENSES. None of the funds of any association shall be used for purposes of any promotion as commissions, salaries, or expenses of any kind, character, or nature whatsoever, except that in the case of associations operating in more than one county, if the par value of securities to be sold is in excess of one hundred thousand dollars, a sum not to exceed five percent of the par value of bonds or debentures sold may be used by committees elected by the members for selling or soliciting for the sale of such securities or for hiring responsible salaried solicitors for that purpose.
Section History: Early Form [C24, 27, 31, 35, 39, § 8511; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 498.33]