No certificate of shares shall be issued to any person until the full amount thereof has been paid in cash, and no shareholder shall receive less than the par value of any share when disposing of the same to the board of directors. No person shall be allowed to become a shareholder in such association except by the consent of the directors.
(1949 Rev., S. 5300; P.A. 19-65, S. 6.)
History: P.A. 19-65 replaced “board of managers” with “board of directors”.