1.  Certificate for membership or stock.  A certificate for membership or stock may not be issued until fully paid for, but bylaws may provide that a member may vote and hold office prior to payment in full for the member's membership or stock.  

2.  Dividends.  Dividends in excess of 8% on the actual cash value of the consideration received by the association may not be paid on common or preferred stock or membership capital, but dividends may be cumulative.  

3.  Net income distributed.  Net income in excess of dividends and additions to reserves must be distributed on the basis of patronage, and the books of the association must show the interest of patrons in the reserves. The bylaws may provide that any distribution to a nonmember eligible for membership may be credited to the nonmember until the amount of the distribution equals the value of a membership certificate or a share of the association's common stock. The distribution credited to the account of a nonmember may be transferred to the reserve fund at the option of the board if after 6 years the amount is less than the value of the membership certificate or a share of common stock.  

4.  Value of member's interest after withdrawal or termination.  The bylaws may fix a time within which a member must receive from the association, after the member has notified the association of the member's withdrawal or after the adoption of a resolution by the board terminating the member's membership, the value in money of the member's membership interest in the association as appraised by the board of directors. If the board of directors approves the member's designation of a transferee of the member's membership interest, the association is not obligated to pay the member the value of the member's interest.  

5.  Preferred stock.  An association may issue preferred stock to members and nonmembers. Preferred stock may be redeemed or retired by the association on such terms and conditions as may be provided in the articles and printed on the stock certificate. Preferred stockholders are not entitled to vote, but a change in their priority or preference rights may not be effective until the written consent of the holders of 2/3 of the preferred stock has been obtained. Payment for preferred stock may be made in cash, services or property on the basis of the fair value of the stock, services and property as determined by the board.