Sec. 68.106. LIMITATION ON SHARE OWNERSHIP. (a) Shares of the association may be issued to and owned only by a branch pilot licensed under this chapter, except as provided by Subsection (b).
(b) On the death of a branch pilot licensed under this chapter, the ownership of the deceased pilot's share in the association may pass by will to the pilot's devisees or, if the pilot dies intestate, the interest passes under the laws of descent and distribution of this state for the purpose of liquidation, as provided by Section 68.104(c).
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