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2025 Texas Statutes
Agriculture Code
Title 4 - Agricultural Organizations
Chapter 52 - Cooperative Marketing Associations
Subchapter E. Membership Certificates and Stock
Section 52.066. Stock Issued on Purchase of Property
Universal Citation:
TX Agric Code § 52.066 (2025)
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Sec. 52.066. STOCK ISSUED ON PURCHASE OF PROPERTY. (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.
Acts 1981, 67th Leg., p. 1109, ch. 388, Sec. 1, eff. Sept. 1, 1981.
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