Tex. Transp. Code § 68.103

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Transp. Code § 68.103

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.