Sections
9 entriesSection 26229Limits admission as members and issuance of common stock by a cannabis cooperative association to persons engaged in cultivating a cannabis product…Section 26229.1Allows a nonstock association member that is not a natural person to be represented by an individual, associate, officer, manager, or member…Section 26229.2Allows any cannabis cooperative association to become a member or stockholder of another association. Extends that authority to membership or stock ownership…Section 26229.3Requires an association organized without shares of stock to issue a membership certificate to a member once that member has paid the…Section 26229.4Prohibits an association from issuing a stock certificate to a member before the stock is fully paid, while allowing member promissory notes…Section 26229.5Allows a cannabis cooperative association, through its bylaws, to limit how much common stock any member may own. Leaves the ownership cap…Section 26229.6Requires association bylaws to prohibit transfers of common stock or membership certificates to persons not qualified under the chapter to be shareholders…Section 26229.7Allows an association, as its bylaws specify, to purchase its common stock at board-determined book value and pay cash within one year…Section 26229.8Limits a cannabis cooperative member’s or stockholder’s liability for association debts to the unpaid amount of the membership fee or capital-stock subscription,…