3171. Under the terms and conditions which are prescribed in the
bylaws adopted by it, an association may admit as members or issue
common stock to only those persons engaged in the production of gas
which is to be handled by or through the association, or that use or
employ any service or facility offered by the association on, or in
connection with, land which is used for the production of gas,
including the lessees and tenants of land which is used for the
production of gas and any lessors, including any lessors, sublessors,
or landlords that received as royalty, overriding royalty or rent,
all or part of the gas or the value thereof, which is produced on the
leased premises, and landlords that receive as rent all or part of
the gas which is produced on the leased premises.
3172. If a member of a nonstock association is other than a natural
person, that member may be represented by any individual, associate,
officer, manager, or member of it who is authorized in writing to do
so.
3173. Any association may become a member or stockholder of any
other association.
3174. If a member of an association which is established without
shares of stock has paid the prescribed membership fee in full, the
member shall receive a certificate of membership.
3175. An association shall not issue a certificate for stock to a
member until it has been fully paid for. The promissory notes of the
members may be accepted by the association as full or partial
payment. The association shall hold the stock as security for the
payment of the note, but that retention as security does not affect
the member's right to vote.
3176. An association, in its bylaws, may limit the amount of common
stock which any member may own.
3177. The bylaws shall prohibit the transfer of the common stock or
membership certificates of the associations to any person that is
not qualified to be a shareholder or member, as specified in this
chapter. These restrictions shall be printed upon every certificate
of stock or membership which is subject to them.
3178. The association may, at any time, as specified in the bylaws,
except when the debts of the association exceed 50 percent of its
assets, buy in or purchase its common stock at the book value of the
common stock, as conclusively determined by the board of directors,
and pay for it in cash within one year thereafter.
3179. A member is not liable for the debts of the association in an
amount which exceeds the sum which remains unpaid on the member's or
stockholder's membership fee or subscription to the capital stock,
including any unpaid balance on any promissory note which is given in
payment of the membership fee or the subscription to the capital
stock.
3180. No public utility, corporation holding a controlling interest
in a public utility, or subsidiary or affiliate of a public utility
may be a member of an association organized pursuant to this chapter.
3181. No producer of gas owning or controlling petroleum refining
capacity of 100,000 or more barrels per day in California, or a
producer of gas owned or controlled by a producer of gas owning or
controlling petroleum refining capacity of 100,000 or more barrels
per day in California, may be a member of an association organized
pursuant to this chapter.
3171. Under the terms and conditions which are prescribed in the
bylaws adopted by it, an association may admit as members or issue
common stock to only those persons engaged in the production of gas
which is to be handled by or through the association, or that use or
employ any service or facility offered by the association on, or in
connection with, land which is used for the production of gas,
including the lessees and tenants of land which is used for the
production of gas and any lessors, including any lessors, sublessors,
or landlords that received as royalty, overriding royalty or rent,
all or part of the gas or the value thereof, which is produced on the
leased premises, and landlords that receive as rent all or part of
the gas which is produced on the leased premises.
3172. If a member of a nonstock association is other than a natural
person, that member may be represented by any individual, associate,
officer, manager, or member of it who is authorized in writing to do
so.
3173. Any association may become a member or stockholder of any
other association.
3174. If a member of an association which is established without
shares of stock has paid the prescribed membership fee in full, the
member shall receive a certificate of membership.
3175. An association shall not issue a certificate for stock to a
member until it has been fully paid for. The promissory notes of the
members may be accepted by the association as full or partial
payment. The association shall hold the stock as security for the
payment of the note, but that retention as security does not affect
the member's right to vote.
3176. An association, in its bylaws, may limit the amount of common
stock which any member may own.
3177. The bylaws shall prohibit the transfer of the common stock or
membership certificates of the associations to any person that is
not qualified to be a shareholder or member, as specified in this
chapter. These restrictions shall be printed upon every certificate
of stock or membership which is subject to them.
3178. The association may, at any time, as specified in the bylaws,
except when the debts of the association exceed 50 percent of its
assets, buy in or purchase its common stock at the book value of the
common stock, as conclusively determined by the board of directors,
and pay for it in cash within one year thereafter.
3179. A member is not liable for the debts of the association in an
amount which exceeds the sum which remains unpaid on the member's or
stockholder's membership fee or subscription to the capital stock,
including any unpaid balance on any promissory note which is given in
payment of the membership fee or the subscription to the capital
stock.
3180. No public utility, corporation holding a controlling interest
in a public utility, or subsidiary or affiliate of a public utility
may be a member of an association organized pursuant to this chapter.
3181. No producer of gas owning or controlling petroleum refining
capacity of 100,000 or more barrels per day in California, or a
producer of gas owned or controlled by a producer of gas owning or
controlling petroleum refining capacity of 100,000 or more barrels
per day in California, may be a member of an association organized
pursuant to this chapter.
3171. Under the terms and conditions which are prescribed in the
bylaws adopted by it, an association may admit as members or issue
common stock to only those persons engaged in the production of gas
which is to be handled by or through the association, or that use or
employ any service or facility offered by the association on, or in
connection with, land which is used for the production of gas,
including the lessees and tenants of land which is used for the
production of gas and any lessors, including any lessors, sublessors,
or landlords that received as royalty, overriding royalty or rent,
all or part of the gas or the value thereof, which is produced on the
leased premises, and landlords that receive as rent all or part of
the gas which is produced on the leased premises.
3172. If a member of a nonstock association is other than a natural
person, that member may be represented by any individual, associate,
officer, manager, or member of it who is authorized in writing to do
so.
3173. Any association may become a member or stockholder of any
other association.
3174. If a member of an association which is established without
shares of stock has paid the prescribed membership fee in full, the
member shall receive a certificate of membership.
3175. An association shall not issue a certificate for stock to a
member until it has been fully paid for. The promissory notes of the
members may be accepted by the association as full or partial
payment. The association shall hold the stock as security for the
payment of the note, but that retention as security does not affect
the member's right to vote.
3176. An association, in its bylaws, may limit the amount of common
stock which any member may own.
3177. The bylaws shall prohibit the transfer of the common stock or
membership certificates of the associations to any person that is
not qualified to be a shareholder or member, as specified in this
chapter. These restrictions shall be printed upon every certificate
of stock or membership which is subject to them.
3178. The association may, at any time, as specified in the bylaws,
except when the debts of the association exceed 50 percent of its
assets, buy in or purchase its common stock at the book value of the
common stock, as conclusively determined by the board of directors,
and pay for it in cash within one year thereafter.
3179. A member is not liable for the debts of the association in an
amount which exceeds the sum which remains unpaid on the member's or
stockholder's membership fee or subscription to the capital stock,
including any unpaid balance on any promissory note which is given in
payment of the membership fee or the subscription to the capital
stock.
3180. No public utility, corporation holding a controlling interest
in a public utility, or subsidiary or affiliate of a public utility
may be a member of an association organized pursuant to this chapter.
3181. No producer of gas owning or controlling petroleum refining
capacity of 100,000 or more barrels per day in California, or a
producer of gas owned or controlled by a producer of gas owning or
controlling petroleum refining capacity of 100,000 or more barrels
per day in California, may be a member of an association organized
pursuant to this chapter.
