Section 54201 Of Article 8. Financial Provisions From California Food And Agricultural Code >> Division 20. >> Chapter 1. >> Article 8.

. An association is not subject in any manner to the terms of the Corporate Securities Law, Division 1 (commencing with Section 25000), Title 4 of the Corporations Code, and any association may issue its membership certificates or stock or other securities as provided in this chapter without the necessity of any qualification under that law.