(a) Shares of the association may be issued to and owned only by a branch pilot licensed under this chapter, except as provided by Subsection (b).
(b) On the death of a branch pilot licensed under this chapter, the ownership of the deceased pilot’s share in the association may pass by will to the pilot’s devisees or, if the pilot dies intestate, the interest passes under the laws of descent and distribution of this state for the purpose of liquidation, as provided by Section 68.104(c).