No stock certificate may be issued except upon payment of at least the par value of the
stock it represents. No cooperative may issue stock or bonds except for money, labor done, or
money or property actually received. All fictitious increases of stock or indebtedness are void. If
payment for stock is not in money, the board shall determine the value of the consideration and
the determination, if made in good faith, is conclusive.
Each certificate for stock must bear the manual or facsimile signature of a principal officer
and must state:
1.The name of the cooperative; the number, par value, and class of the shares
represented by the certificate; and whether or not it is membership stock.
2.Any restrictions on the issuance or transfer of the stock, including those provided by
law and the
Free access — add to your briefcase to read the full text and ask questions with AI
No stock certificate may be issued except upon payment of at least the par value of the
stock it represents. No cooperative may issue stock or bonds except for money, labor done, or
money or property actually received. All fictitious increases of stock or indebtedness are void. If
payment for stock is not in money, the board shall determine the value of the consideration and
the determination, if made in good faith, is conclusive.
Each certificate for stock must bear the manual or facsimile signature of a principal officer
and must state:
1. The name of the cooperative; the number, par value, and class of the shares
represented by the certificate; and whether or not it is membership stock.
2. Any restrictions on the issuance or transfer of the stock, including those provided by
law and the articles.
3. If more than one class of stock is authorized, the designation of the several classes
and their respective preferences, limitations, and relative rights. In lieu of the full
statement, this information may be given in summary form or the certificate may state
that the cooperative will, upon request, furnish the information required by this
subsection.