Section 5-509 - Payment by subscriber before certificate of stock or membership issued.
§ 5-509. Payment by subscriber before certificate of stock or membership issued.
A stock certificate may not be issued to any subscriber until the stock is full paid. In a cooperative organized without capital stock, a certificate of membership may not be issued to any person until the membership fee is paid in full.
[An. Code 1957, art. 23, § 368; 1975, ch. 311, § 2.]