Sec. 68.103. SHARE VALUATION. The value of all assets of the association shall be determined by an appraisal made by one or more qualified appraisers designated by the association president. The value of each share is determined by dividing the total value of all assets of the association by the number of shares outstanding. The value of each share shall be used in a transaction that involves:
(1) the purchase of a share by a newly commissioned branch pilot;
(2) the sale of a share on retirement by a branch pilot; or
(3) the purchase of a share by the association from the legal heirs of a deceased branch pilot.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Chapter 68 - Brazoria County Pilots Licensing and Regulatory Act
Subchapter F. Brazos Pilots Association
Section 68.091. Pilots Association
Section 68.092. Association Purposes
Section 68.094. Term of Office
Section 68.096. Independent Contractor
Section 68.097. Fee Collection
Section 68.100. Fee Distribution
Section 68.101. Association Services
Section 68.102. Transfer of Property
Section 68.103. Share Valuation
Section 68.104. Transfer of Shares
Section 68.105. Facilities Fee