Texas Agriculture Code 52.066 – Stock Issued On Purchase of Property
Current as of: 2024 | Check for updates
|
Other versions
(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.
Terms Used In Texas Agriculture Code 52.066
- Property: means real and personal property. See Texas Government Code 311.005