Every producer by his act of patronizing the association shall thereby become the holder of one share of common stock in the association. Certificates for the stock are not issued to the patron but the books and records of the association will show the owners of the common stock.

Common stock is subject to cancellation if the holder ceases doing business with the association or violates any provisions of the Code of By-Laws. The Board of Directors determines the stock cancellation. Upon recording the stock issuance, the patron is entitled to all rights and privileges of membership in the association.

The word "producer" as used above includes individuals, partnerships, corporations, sole proprietorships, landowners, tenants who lease on crop shares or for cash rent, and any other business organization which is a bona fide producer of agricultural products.