PRINTER'S NO. 2764
No. 2167 Session of 1982
INTRODUCED BY WENGER, COLE, GRIECO, MADIGAN, DeVERTER, PHILLIPS,
FARGO, ARMSTRONG, WASS, HALUSKA, LLOYD, W. W. FOSTER,
JACKSON, BOWSER, CAWLEY, MILLER, HONAMAN, PITTS, BRANDT,
SHOWERS, D. R. WRIGHT, STUBAN, STAIRS, FISCHER AND
CALTAGIRONE, JANUARY 19, 1982
REFERRED TO COMMITTEE ON AGRICULTURE AND RURAL AFFAIRS,
JANUARY 19, 1982
AN ACT
1 Amending the act of June 12, 1968 (P.L.173, No.94), entitled "An
2 act to provide for the incorporation and regulation of
3 cooperative agricultural associations; providing for the
4 operation, taxation, merger, dissolution and winding up of
5 such associations; conferring certain rights, powers, duties,
6 restrictions, privileges and immunities upon them and their
7 directors, officers, stockholders and members; conferring
8 powers and imposing duties upon the courts, the Department of
9 State, the Department of Agriculture and other State offices;
10 and imposing penalties for the violation of this act,"
11 further providing for dividends.
12 The General Assembly of the Commonwealth of Pennsylvania
13 hereby enacts as follows:
14 Section 1. Subsection (f) of section 14, act of June 12,
15 1968 (P.L.173, No.94), known as the "Cooperative Agricultural
16 Association Act," amended July 29, 1971 (P.L.259, No.64), is
17 amended to read:
18 Section 14. Issuance of Stock or Membership Certificates;
19 Voting Rights; Evidences of Equity; Limitations on Dividends;
20 Preemptive Rights.--* * *
1 (f) Dividends not in excess of [eight per cent per annum]
2 two points under the average treasury bill rate for the twelve
3 months preceding the dividend declaration date may be paid on
4 any stock and dividends on preferred stock may be cumulative if
5 so provided in the articles of association. An association shall
6 have a lien on all of its issued common and preferred stock and
7 dividends declared or accrued thereon for all indebtedness of
8 the holders thereof to the association, if provision therefor is
9 stated on the face of the certificate of stock.
10 * * *
11 Section 2. This act shall take effect immediately.
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