Subdivision 1. Authorized amounts. The amount, number of shares, and par value of the authorized capital stock may be increased or decreased and classes of the capital stock may be established or altered by amending the articles at a regular members' meeting or at a special members' meeting called for the purpose of the amendment.
Subd. 2. Issuance of shares. A share of stock may not be issued until at least the par value of the share has been paid for in cash or a cash equivalent.
Subd. 3. Sale of stock to be approved by board. Stock in a cooperative may only be sold or transferred with the approval of the board.
Subd. 4. Repurchase by cooperative. (a) The bylaws must provide that the cooperative has the first privilege of purchasing stock of any class offered for sale by a stockholder.
(b) Stock acquired by the cooperative may be held as treasury stock or may be retired and canceled.
History: 1989 c 144 art 1 s 25
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