§421C-3  Stock and nonstock associations;general corporation laws, when applicable.  (a)  An association may eitherbe organized with stock or without stock.  Subject to section 421C-20, iforganized with stock, the association shall require a certain amount of commonstock to be purchased from the association in order to permit a stockholdervoting and membership privileges, and no class of stock except common stock maygrant voting and membership privileges in a stock association.  Subject tosection 421C-20, if organized without stock, the association shall require amembership fee or amount of membership capital to be paid in, in order topermit the member voting and membership privileges by means of issuance of amembership certificate.

(b)  Except where otherwise provided, statutesand fees which apply to domestic profit corporations shall apply to stockassociations, and statutes and fees which apply to domestic nonprofitcorporations shall apply to nonstock associations.

(c)  Associations may amend their articles uponapproval by the director of commerce and consumer affairs of articles ofamendment to convert from a stock association to a nonstock association or viceversa.  This subsection may be employed by an association only once every two calendaryears. [L 1982, c 97, pt of §2 and c 204, §8; am L 1983, c 124, §17; am L 1984,c 217, §3; am L 1988, c 373, §22]