§ 7-8-18 - Share and membership certificates.
SECTION 7-8-18
§ 7-8-18 Share and membershipcertificates. – (a) No certificate for share or membership capital shall be issued until itspar value has been paid for in full. There shall be printed on each certificateissued by an association a full or condensed statement of the requirements of§ 7-8-12, the first clause of the first sentence of § 7-8-13, and§§ 7-8-20 – 7-8-24.
(b) Each member, upon fulfilling the requirements of §7-8-17, and of the articles of association, and/or bylaws of the association,including approval of his or her membership by the board of directors, ifrequired, is entitled to a certificate for the amount of his paid-up share ormembership capital.