Unless the articles provide otherwise, a cooperative may recall membership stock upon termination of membership, and acquire, exchange, redeem, and reissue its own shares or other evidences of equity. The consideration paid for shares of membership stock recalled by the cooperative shall be the par value of the shares plus accrued and unpaid dividends, if any. However, if the shares have no par value the consideration paid shall be the consideration in dollars for which the shares were issued plus accrued and unpaid dividends. The cooperative may set off obligations to it of the holder of membership stock or other evidence of equity.
Section: Previous 10.15.065 10.15.070 10.15.075 10.15.080 10.15.085 10.15.090 10.15.095 10.15.100 10.15.105 10.15.110 10.15.115 10.15.120 10.15.125 10.15.130 10.15.135 NextLast modified: November 15, 2016