Section 251.201 - Share and Membership Certificates: Issuance and Contents(a) A cooperative association may not issue a certificate for membership capital or for invested capital until any par value of the certificate has been paid in full.(b) Each certificate for membership capital issued by a cooperative association must contain a statement of the requirements of Sections 251.202(a) and (b), 251.254, and 251.255.(c) Each certificate for invested capital issued by a cooperative association must contain a statement of the restrictions on transferability as provided by the cooperative association's bylaws.Tex. Bus. Org. Code § 251.201
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.