The amount of capital stock of any cooperative association organized under the provisions of this chapter shall be fixed by its articles of association at a sum not exceeding five million dollars, and shall be subject to the same franchise tax as the capital stock of other corporations organized under the general law, which tax shall be paid to the Secretary of the State. The association may increase or diminish the amount and number of shares of such stock at any meeting of the stockholders specially called for such purpose, but no shares shall be issued at less than their par value. Within five days after the passage of any vote increasing or diminishing such stock, such association shall cause a certificate setting forth such vote, signed by a majority of the board of managers, to be recorded in the office of the Secretary of the State.
(1949 Rev., S. 5297; September, 1957, P.A. 5, S. 1; 1967, P.A. 277, S. 3; P.A. 85-78.)
History: 1967 act deleted requirement that certificate of vote to increase or diminish stock be filed in town clerk's office of town where association's business is carried on; P.A. 85-78 increased limit on value of capital stock of cooperative association from $500,000 to $5,000,000.
See Sec. 33-618 re franchise tax on stock corporations.
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