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Texas Business Organizations Code

§ 251.201 — SHARE AND MEMBERSHIP CERTIFICATES: ISSUANCE AND CONTENTS

BO § 251.201Title 6. ASSOCIATIONS · Ch. 251. COOPERATIVE ASSOCIATIONS · Art. E. SHARES

Statute text

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(a)A cooperative association may not issue a certificate for membership capital or for invested capital until any par value of the certificate has been paid in full.
(b)Each certificate for membership capital issued by a cooperative association must contain a statement of the requirements of Sections 251.202(a) and (b), 251.254, and 251.255.
(c)Each certificate for invested capital issued by a cooperative association must contain a statement of the restrictions on transferability as provided by the cooperative association's bylaws.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 251.201 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.