CODE OF VIRGINIA

RIGHTS OF SUBSCRIBERS BEFORE FULL PAYMENT (§ 13.1-305)

Certificates of stock of a stock cooperative association shall not be issued to
any subscriber until fully paid, but the bylaws of the association may allow
subscribers to vote as stockholders provided part of the stock subscribed for
has been paid in cash.

HISTORY: Code 1950, § 13-242; 1956, c. 428; 1994, c. 217.