Common use of Classes of Common Stock Clause in Contracts

Classes of Common Stock. Each common stockholder of the Association shall own at least one (1) share of the Class A Common Stock. The Class A Stock shall be issued only for a cash consideration of $100.00 per share. The Class B Common Stock and Class C Common Stock may be issued only to common stockholders of the Association and may be issued for cash or for the purpose of paying to the common stockholders their respective proportions of patronage overcharges in accordance with the preceding section. The Class B Common Stock and Class C Common Stock shall be issued in annual series designated on the face of the certificate in accordance with the fiscal year in which such patronage overcharges accumulate. No dividends shall be payable on any class of Common Stock.