Texas Transportation Code

§ 68.103 — SHARE VALUATION

TN § 68.103Title 4. NAVIGATION · Part B. PILOTS · Ch. 68. BRAZORIA COUNTY PILOTS LICENSING AND REGULATORY ACT · Art. F. BRAZOS PILOTS ASSOCIATION

Statute text

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The value of all assets of the association shall be determined by an appraisal made by one or more qualified appraisers designated by the association president. The value of each share is determined by dividing the total value of all assets of the association by the number of shares outstanding. The value of each share shall be used in a transaction that involves:

(1)the purchase of a share by a newly commissioned branch pilot;

(2)the sale of a share on retirement by a branch pilot; or

(3)the purchase of a share by the association from the legal heirs of a deceased branch pilot.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.