Section 2-10-55 Who may become members or stockholders. - Alabama Statutes

Section 2-10-55

Who may become members or stockholders.

Under the terms and conditions prescribed in its bylaws, an association may admit as members (or issue common stock to) only persons or associations or corporations composed solely of persons engaged in the production of the agricultural products to be handled by or through the association, including the lessees and tenants of land used for the production of such products and any lessors and landlords who receive as rent all or part of the crop raised on the leased premises. Any such persons or associations of persons or corporations may be citizens of or organized under the laws of this state or any other state of the United States and shall handle such agricultural products for members only.

(Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7132; Acts 1927, No. 21, p. 28; Code 1940, T. 2, §90.)