(a) A corporation formed under this chapter may purchase, out of its available funds, any of its outstanding stock.
(b) The corporation shall pay book value for stock purchased under this section, as conclusively determined by the corporation’s directors.

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Terms Used In Texas Agriculture Code 54.011

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.

(c) A corporation formed under this chapter shall state the provisions of Subsections (a) and (b) of this section in its articles of incorporation.

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