Printable Format17-1502. Stock. That every such corporation when so organized and incorporated may issue stock to its shareholders in such amounts and with such limitations as are hereinafter defined. That the shareholders in any such mutual or cooperative corporation, shall each have but one vote in all matters pertaining to the business of such corporation, without regard to the number of shares owned, and no shareholder may own to exceed 5% of the total capital stock of any such cooperative corporation, organized under the provisions of this act; and no such shareholder in any cooperative corporation may own to exceed 5% of the total capital stock of any other cooperative corporation; and no cooperative corporation shall own to exceed 5% of the total capital stock of any other cooperative corporation.
History: L. 1915, ch. 159, § 2; R.S. 1923, 17-1502.
Source or Prior Law:
L. 1887, ch. 116, § 3.
CASE ANNOTATIONS
1. Election to membership cannot be required before stock transferable; statutes prohibit private corporations from purchasing their own stock; exceptions. Steele v. Telephone Association, 95 Kan. 580, 586, 148 P. 661.
2. Bylaw providing for repurchase of stock valid. Loch v. Paola Farmers Union, etc., 130 Kan. 136, 285 P. 523.
3. Plan to convert cooperative society to cooperative marketing association held unjust and inequitable. Hill v. Partridge Co-operative Equity Exchange, 168 Kan. 506, 513, 214 P.2d 316.