The 2023 Florida Statutes (including Special Session C)

Title XXXVI
BUSINESS ORGANIZATIONS

Chapter 618
AGRICULTURAL COOPERATIVE MARKETING ASSOCIATIONS

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F.S. 618.15

618.15 Capital stock and membership.—

(1) When a member of an association organized without capital stock has paid his or her membership fee in full the member shall receive a certificate of membership. An association may issue its shares of stock having no par value from time to time for such consideration as may be fixed by the board of directors. No association shall issue stock until it has been fully paid for. Promissory notes may be accepted by the association as full or partial payment for such stock. The association shall hold the stock as security for the payment of the note; but such retention as security shall not affect the right of any stockholder to vote unless such notes are past due.

(2) No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to capital stock, including any unpaid balance on any promissory notes given in payment thereof.

(3) No stockholder of an association organized under this chapter, except an association organized under this chapter or an association as defined in this chapter, shall own more than one-third of the outstanding common stock of the association; and an association in its bylaws may limit the amount of common stock which one member may own to an amount less than one-third of the outstanding common stock. The association shall limit its dividends on stock both common and preferred, to any amount not greater than 8 percent per annum on the par value thereof, or if such capital stock is without par value, then upon the actual cash value of the consideration received by the association therefor. The association by the vote of its directors, may establish and accumulate reserves out of earnings, including a permanent surplus fund as an addition to capital. Net income in excess of additions to reserves and surpluses so established shall be distributed to the members of the association on the basis of patronage. Any distribution of reserves and surpluses at any time shall be made to members at the time such distribution is ordered on the basis of patronage.

(4) Any receipts or dividends from subsidiary corporations or from stock or other securities owned by the association shall be included in the ordinary receipts of the association.

(5) No member in any association without capital stock shall be entitled to more than one vote; but the bylaws may provide that such members or the holders of common stock in an association with capital stock, may vote upon any or all questions on a patronage basis.

(6) Preferred stock may be sold to any person, member or nonmember, and may be redeemable or retirable by the association on such terms and conditions as may be provided for in the articles of incorporation, and printed on the stock certificates. The bylaws, except as otherwise provided for in this chapter, shall prohibit the transfer of the common stock of the association to persons not engaged in the production of agricultural products and such restrictions shall be printed upon every certificate of stock subject thereto.

History.—s. 14, ch. 9300, 1923; CGL 6479; s. 14, ch. 14675, 1931; s. 111, ch. 97-102.

F.S. 618.15 on Google Scholar

F.S. 618.15 on Casetext

Amendments to 618.15

Arrestable Offenses / Crimes under Fla. Stat. 618.15

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 618.15.

Annotations, Discussions, Cases:

Cases from cite.case.law:

PRINCE, v. W. COLVIN,, 94 F. Supp. 3d 787 (N.D. Tex. 2015)

. . . an hourly rate of $181.81 for Plaintiffs counsel William Fouché, Jr.’s work on the merits in 2013 ($618.15 . . .

C. A. C. A. C. A. v. U. S. U. S. Co., 14 Ct. Int'l Trade 560 (Ct. Int'l Trade 1990)

. . . issue in this action as, “certain electrical conductor aluminum redraw rod * * * provided for in item 618.15 . . .

SURAMERICANA ALEACIONES LAMINADAS, C. A. C. A. C. A. v. UNITED STATES, U. S. U. S., 746 F. Supp. 139 (Ct. Int'l Trade 1990)

. . . issue in this action as, “certain electrical conductor aluminum redraw rod ... provided for in item 618.15 . . .

R. SHINN, R. M. a k a a v. GROWERS FERTILIZER COOPERATIVE, a, 533 So. 2d 1183 (Fla. Dist. Ct. App. 1988)

. . . Judge Davis granted Growers’ motion, reasoning that section 618.15(3), Florida Statutes (1987), requires . . . Pursuant to sections 618.01(3) and 618.15(3), members may receive no more than an 8% per annum return . . . More relevant to the issue presented for our review, however, are the provisions of section 618.15(3) . . . In this case, Growers did exactly what was required of it under section 618.15(3). . . . We reject the Shinns’ interpretation of section 618.15(3), according to which the “permanent surplus . . .

In TELTRONICS SERVICES, INC. ANACONDA- ERICSSON, INC. LM v. J. HESSEN,, 29 B.R. 139 (Bankr. E.D.N.Y. 1983)

. . . See also, tr. 123.3-.22 (SGM), 150.17-151.5 (SGM), 614.24-615.5 (SGM), 617.12-618.15 (SGM), 621.5-624.15 . . .

CROSBY, v. BOWLING F., 683 F.2d 1068 (7th Cir. 1982)

. . . . § 618.15 (1975), which required states to recoup overpayments in Federal Supplemental Benefits despite . . .

KOSTELIC, v. E. BERNARDI,, 538 F. Supp. 620 (N.D. Ill. 1982)

. . . . § 618.15(a) offers some assistance. . . . the benefits was not a “reasonable measure” and thus not authorized under § 105(b) and 20 C.F.R. § 618.15 . . . no problem in finding that this was a reasonable measure authorized under § 105(b) and 20 C.F.R. § 618.15 . . .

TONGOL v. J. USERY, Jr., 601 F.2d 1091 (9th Cir. 1979)

. . . . § 618.15, prohibiting states from waiving recoupment of overpayments in Federal Supplemental Benefits . . . Although we reserved judgment on the validity of 20 C.F.R. § 618.15, we noted that it “departed from . . . In light of our decision in Martinez, the district court’s decision invalidating 20 C.F.R. § 618.15 was . . . Section 618.15 is invalid for the same reasons that 20 C.F.R. § 619.13 was held invalid in Martinez. . . . Like the regulation stricken in Martinez, 20 C.F.R. § 618.15 conflicts with the congressional command . . .

R. MARTINEZ, v. F. MARSHALL, T., 573 F.2d 555 (9th Cir. 1977)

. . . . § 618.15(a) & (f)), has departed from past practices in the area of unemployment compensation regulation . . .

UNITED STATES v. ELLIOTT, 27 F. Supp. 253 (E.D.N.Y. 1939)

. . . against the defendant, John Speed Elliott, for the years 1925, 1926, 1928 and 1934, in the amount of $6,-618.15 . . .