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Texas Business Organizations Code - BUS ORG § 251.201. Share and Membership Certificates: Issuance and Contents

Current as of January 01, 2024 | Updated by FindLaw Staff

(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(a) and (b), 251.254, and 251.255.

(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.

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 251.201. Share and Membership Certificates: Issuance and Contents - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-251-201/

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