59-13-123 - Conditions of issuing stock. - Tennessee Statutes

59-13-123. Conditions of issuing stock.

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 1984, ch. 864, § 23.]