{"data":{"id":"us-tx/tex.-agriculture-code-52.066","jurisdiction":"us-tx","citation":"Tex. Agriculture Code § 52.066","heading":"STOCK ISSUED ON PURCHASE OF PROPERTY.","body":"(a) If a marketing association organized with capital stock purchases stock, property, or an interest in property, it may discharge its obligations, in whole or part, by exchanging for its acquisition shares of preferred stock the par value of which equals the value of the purchased property as determined by the board of directors.\n(b) In the transaction described by Subsection (a) of this section, the transfer of the purchased property to the association is considered payment in cash for the issued shares of preferred stock.\nActs 1981, 67th Leg., p. 1109, ch. 388, Sec. 1, eff. Sept. 1, 1981.","path":["AGRICULTURE CODE","TITLE 4. AGRICULTURAL ORGANIZATIONS","CHAPTER 52. COOPERATIVE MARKETING ASSOCIATIONS","SUBCHAPTER E. MEMBERSHIP CERTIFICATES AND STOCK"],"source_url":"https://statutes.capitol.texas.gov/Docs/AG/htm/AG.52.htm#52.066","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:50Z","sha256":"f78947284e3c421de0307faffc63d9aec74c0e74504170d90afa21a5218b9a7a","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-agriculture-code-52.065","next":"us-tx/tex.-agriculture-code-52.081"},"notice":"GroundRules: Original legal text. Not legal advice."}