994 ARTICLE 23

An. Code, 1924, sec. 433. 1922, ch. 197, sec. 483.

445. A. Contracts between any association organized under this sub-
title and its members, whereby such members agree to sell all or a speci-
fied part of their products to or through, or to buy all or a specified part
of goods from or through the association or any facilities created by the
association, shall if otherwise lawful, be valid; provided however that
this requirement shall not prevent such contracts from being made self-
renewing for periods not exceeding five years each, unless notice shall be
given by either of the parties thereto, at least sixty days before the expira-
tion thereof of his desire not to renew. A provision in any such contracts
determining a specific sum to be paid by the member as liquidated dam-
ages for breach of said contract shall be valid. The association in the
event of a breach or threatened breach of any such contract by a member
shall be entitled to an injunction to prevent the breach or further breach
thereof and to a decree for specific performance thereof.

B. Any association organized under this sub-title may provide that its
common stock or membership shall be sold only to persons designated or
described by the by-laws and that the stockholders or member shall lose
the power to vote if he ceases to belong to the class of persons designated
or described in said by-laws. Any association organized under this sub-
title may limit the number of shares which any person may hold and may
reserve to the Board of Directors of the association the prior option to
buy for the association the stock of any stockholder which is offered by
such stockholder, and may reserve to said board of directors the right to
recall the stock of any stockholder, subject to the further limitation that
such associations, upon exercising said option to buy or right to recall, shall
pay for this stock at its book value or at its par value where the book value
is less than the par value, provided that no restrictions upon the owner-
ship or transfer or voting of stock authorized by this section shall be valid,
unless a provision setting out such restrictions is contained in the articles
of incorporation of the association and printed upon the stock subscrip-
tion paper, if any, and upon the stock certificate.

An. Code, 1924, sec. 434. 1922, ch. 197, sec. 484.

446. No member in any association organized without capital stock
and no holder of stock whether common or preferred, shall be entitled to
more than one vote, but every member in an association organized with-
out capital stock and every holder of common stock shall be entitled, to one
vote in any association organized under this sub-title of which he may be
a member.

An. Code, 1924, sec. 435. 1922, ch. 197, sec. 485.

447. Voting by proxy shall not be allowed in any association organ-
ized under this sub-title except as provided in section 450.

An. Code, 1924, sec. 436. 1922, ch. 197, sec. 486.

448. Whenever an association organized under this sub-title, shall pur-
chase the business of another corporation, association, partnership or person
it may pay for the same in whole or in part by issuing to the selling corpora-
tion, association, partnership or person certificates of indebtedness or shares
of its capital stock to an amount, which at par value would equal the fair
market value of the business purchased, and in such case the transfer to