Section 54235 Of Article 9. Members From California Food And Agricultural Code >> Division 20. >> 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 such retention as security does not affect the member's right to vote.