Sec. 51.014. MEMBERSHIP CERTIFICATES. (a) If a subscriber for membership certificates gives notes for the certificates, a society may not issue the certificates until the notes have been paid in full.
(b) A subscriber who has not paid for the certificates in full is entitled to vote in the management of the society and may borrow from the society in accordance with the society's bylaws.
(c) A subscriber who has not paid for the certificates in full may not receive dividends from the society or share in a distribution of any of its assets.
(d) Membership certificates may not be transferred.
Acts 1981, 67th Leg., p. 1099, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 51 - Farmers' Cooperative Societies
Section 51.002. Application of General Corporation Laws
Section 51.006. Area of Operation
Section 51.007. Nonprofit Corporation; Division of Profits
Section 51.009. Articles of Incorporation
Section 51.010. Bylaws and Amendments to Articles of Incorporation
Section 51.011. Copies of Articles, Amendments, and Bylaws; Filing With County Clerk
Section 51.014. Membership Certificates
Section 51.015. Notes as Subscription Contracts
Section 51.016. Liability of Members
Section 51.018. Suspension; Expulsion
Section 51.021. Restriction on Use of Public Money for Incorporation