Georgia § 46-5-79 - Qualifications for membership in cooperative; certificate of membership; share certificates; payment for shares of stock.
Full text of Georgia Official Code of Georgia Annotated § 46-5-79 — Qualifications for membership in cooperative; certificate of membership; share certificates; payment for shares of stock., with citation guidance and answers to common questions.
§ 46-5-79. Qualifications for membership in cooperative; certificate of membership; share certificates; payment for shares of stock.
Each incorporator of a cooperative shall be a member thereof, but no other person may become a member thereof unless he agrees to use telephone service furnished by the cooperative when it is made available through its facilities. Membership in a cooperative shall be evidenced by a certificate of membership, which shall not be transferable, except as provided in the bylaws. The bylaws may prescribe additional qualifications and limitations in respect of membership, provided that ownership of shares of stock, if any are authorized, shall not be a condition of membership in the cooperative. If the issuance of shares of stock is provided for in the articles of incorporation, ownership of such shares shall be evidenced by share certificates. No share of stock shall be issued except for cash, or for property at its fair value, in an amount equal to the par value of such share of stock. Membership and share certificates shall contain such provisions, consistent with this part and the articles of incorporation of the cooperative, as shall be prescribed by its bylaws. (Ga. L. 1950, p. 192, § 20.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 46-5-79
What does Official Code of Georgia Annotated § 46-5-79 cover?
Section 46-5-79 ("Qualifications for membership in cooperative; certificate of membership; share certificates; payment for shares of stock.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 46-5-79?
A common citation format is "Official Code of Georgia Annotated § 46-5-79" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 46-5-79 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.