Tex. Agric. Code § 52.066 · Subchapter E. MEMBERSHIP CERTIFICATES AND STOCK
STOCK ISSUED ON PURCHASE OF PROPERTY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If a marketing association organized with capital stock purchases stock, property, or an interest in property, it may discharge its obligations, in whole or part, by exchanging for its acquisition shares of preferred stock the par value of which equals the value of the purchased property as determined by the board of directors.
(b) In the transaction described by Subsection (a) of this section, the transfer of the purchased property to the association is considered payment in cash for the issued shares of preferred stock.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1109, 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.52.htm
- Text hash
- sha256 b994b4005bba8aa08021e9224562814bcd100d8191eff0d99bf8dea8bb832820
- 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.