Tex. Agric. Code § 52.063 · Subchapter E. MEMBERSHIP CERTIFICATES AND STOCK
ISSUANCE OF SHARES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Subject to this section, a marketing association organized with capital stock may from time to time sell and issue shares of capital stock in the manner and under the terms prescribed by its bylaws.
(b) A marketing association may issue common stock only to a person who satisfies the membership requirements prescribed by Section 52.081 of this code.
(c) A marketing association may not sell and issue shares of preferred stock to a person who is not a member of the association unless the association first complies with The Securities Act (Title 12, Government Code).
(d) A marketing association may not issue shares of stock to a member until the member has fully paid for the shares.
(e) A marketing association may accept promissory notes of members as full or partial payment for stock. The association shall hold the stock as security for payment of the note. The association's retention of the stock does not affect the member's right to vote.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1109, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 2.01, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/AG/htm/AG.52.htm
- Text hash
- sha256 48e76c7d79620bd204b9474a88c3d4b8eb750390fe494f63fd998b642e314a63
- 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
This section cites
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