Tex. Agric. Code § 51.014 · Chapter 51. FARMERS' COOPERATIVE SOCIETIES
MEMBERSHIP CERTIFICATES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If a subscriber for membership certificates gives notes for the certificates, a society may not issue the certificates until the notes have been paid in full.
(b) A subscriber who has not paid for the certificates in full is entitled to vote in the management of the society and may borrow from the society in accordance with the society's bylaws.
(c) A subscriber who has not paid for the certificates in full may not receive dividends from the society or share in a distribution of any of its assets.
(d) Membership certificates may not be transferred.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1099, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/AG/htm/AG.51.htm
- Text hash
- sha256 0c8d20bff28730951931e91d56c2123af9e793a9c61c24da1c7e5cc7e8a44a93
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.