Tex. Bus. Orgs. Code Section 251.201
Share and Membership Certificates: Issuance and Contents

(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 (Transfer of Shares and Membership; Withdrawal)(a) and (b), 251.254 (One Member--one Vote), and 251.255 (No Proxy).

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

Source: Section 251.201 — Share and Membership Certificates: Issuance and Contents, https://statutes.­capitol.­texas.­gov/Docs/BO/htm/BO.­251.­htm#251.­201 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 251.201’s source at texas​.gov