Tex. Agriculture Code § 52.066
This is the official text of Tex. Agriculture Code § 52.066, part of Texas’s Agriculture Code — regulates farming, livestock, and agricultural commerce.
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§ 52.066. STOCK ISSUED ON PURCHASE OF PROPERTY.
Official statutory text
(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.
(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.
Status: in_force · Read it on the official government site
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