499.22 - CAPITAL STOCK.

        499.22  CAPITAL STOCK.         An association with capital stock may divide the shares into      common and preferred stock.  Par value stock shall not be issued for      less than par.  The general corporation laws shall govern the      consideration for which no-par stock is issued.  If the articles so      provide, common stock may be issued in two classes, voting and      nonvoting.  Voting stock shall be issued to all agricultural      producers and nonvoting stock to all other members.  Voting stock or      nonvoting stock may be issued to a cooperative association as      provided in the articles of incorporation of the association issuing      the stock.  Nonvoting stock shall have all privileges of membership      except the right to vote.  Preferred stock held by nonmembers shall      not exceed in amount that held by members.  
         Section History: Early Form
         [C35, § 8512-g22; C39, § 8512.22; C46, 50, 54, 58, 62, 66, 71,      73, 75, 77, 79, 81, § 499.22] 
         Section History: Recent Form
         97 Acts, ch 17, §4; 98 Acts, ch 1100, §67