No certificate of shares shall be issued to any person until the full amount thereof has been paid in cash, and no shareholder shall receive less than the par value of any share when disposing of the same to the board of directors. No person shall be allowed to become a shareholder in such association except by the consent of the directors.
(1949 Rev., S. 5300; P.A. 19-65, S. 6.)
History: P.A. 19-65 replaced “board of managers” with “board of directors”.
Structure Connecticut General Statutes
Chapter 595 - Cooperative Associations
Section 33-183. - Organization.
Section 33-184. - Object and place of business.
Section 33-185. - Business of association managed by board of directors.
Section 33-186. - First meeting. Bylaws.
Section 33-187. - Capital stock; franchise tax.
Section 33-188. - Annual reports.
Section 33-189. - Termination of corporate existence on neglect to file annual reports.
Section 33-190. - Voting power.
Section 33-191. - Issue of certificate of shares.
Section 33-192. - Failure to file annual report or making of untrue report; penalty.