Section 3175 Of Article 9. Members From California Public Utilities Code >> Division 1. >> Part 4. >> Chapter 1. >> Article 9.

. An association shall not issue a certificate for 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 that retention as security does not affect the member's right to vote.