Texas Transportation Code 68.103 – Share Valuation
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Terms Used In Texas Transportation Code 68.103
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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.