43-16-124 - Stock Issuance upon payment Voting right unaffected where held as security. - Tennessee Statutes

43-16-124. Stock Issuance upon payment Voting right unaffected where held as security.

No association shall issue stock to a member until it has been fully paid for. The promissory notes of the members may be accepted by the association as full or partial payment. The association shall hold the stock as security for the payment of the note; but such retention as security shall not affect the member's right to vote.

[Acts 1923, ch. 100, § 15; Shan. Supp., § 2534a48; Code 1932, § 3806; T.C.A. (orig. ed.), § 43-1824.]