Sec. 54.011. REPURCHASE OF STOCK. (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.
(c) A corporation formed under this chapter shall state the provisions of Subsections (a) and (b) of this section in its articles of incorporation.
Acts 1981, 67th Leg., p. 1121, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 54 - Mutual Loan Corporations
Section 54.004. Capital Stock Requirement for Incorporation
Section 54.006. Investment by Other Corporations
Section 54.007. Investment of Capital
Section 54.008. Ratio of Capital to Loans
Section 54.009. Loans and Discounts
Section 54.010. Liability of Shareholder