(805 ILCS 315/15.6) (from Ch. 32, par. 454.6)
Sec. 15.6.
Preferred stock may be sold to any person, member, or
non-member, and may be redeemable or retireable by the association, on such
terms and conditions as may be provided for by the articles of
incorporation, and printed on the stock certificates. The by-laws, except
as otherwise provided for in this Act, shall prohibit the transfer of the
common stock of the association to persons not engaged in the production of
agricultural products and such restrictions shall be printed upon every
certificate of stock subject thereto.
(Source: Laws 1967, p. 3777.)
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