Texas Transportation Code - Section 68.106. Limitation On Share Ownership
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Texas Laws > Transportation Code > Texas Transportation Code - Section 68.106. Limitation On Share Ownership
Section: 68.099 68.100 68.101 68.102 68.103 68.104 68.105 68.106 68.107 69.001 69.002 69.003 69.011 69.012 69.013
§ 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, § 1, eff. Sept. 1, 1995.
Last modified: August 11, 2007