Texas Agriculture Code

§ 54.011 — REPURCHASE OF STOCK

AG § 54.011Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 54. MUTUAL LOAN CORPORATIONS

(a)A corporation formed under this chapter may purchase, out of its available funds, any of its outstanding stock.

(b)The corporation shall pay book value for stock purchased under this section, as conclusively determined by the corporation's directors.

(c)A corporation formed under this chapter shall state the provisions of Subsections (a) and (b) of this section in its articles of incorporation.

Legislative history

Acts 1981, 67th Leg., p. 1121, ch. 388, Sec. 1, eff. Sept. 1, 1981.