Texas Business Organizations Code 251.201 – Share and Membership Certificates: Issuance and Contents
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(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.
Terms Used In Texas Business Organizations Code 251.201
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- cooperative association: means an association governed as a cooperative association under Chapter 251. See Texas Business Organizations Code 1.002
(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.