Tex. Agriculture Code § 51.014
This is the official text of Tex. Agriculture Code § 51.014, part of Texas’s Agriculture Code — regulates farming, livestock, and agricultural commerce.
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§ 51.014. MEMBERSHIP CERTIFICATES.
Official statutory text
(a) If a subscriber for membership certificates gives notes for the certificates, a society may not issue the certificates until the notes have been paid in full.
(b) A subscriber who has not paid for the certificates in full is entitled to vote in the management of the society and may borrow from the society in accordance with the society's bylaws.
(c) A subscriber who has not paid for the certificates in full may not receive dividends from the society or share in a distribution of any of its assets.
(d) Membership certificates may not be transferred.
(b) A subscriber who has not paid for the certificates in full is entitled to vote in the management of the society and may borrow from the society in accordance with the society's bylaws.
(c) A subscriber who has not paid for the certificates in full may not receive dividends from the society or share in a distribution of any of its assets.
(d) Membership certificates may not be transferred.
Status: in_force · Read it on the official government site
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