Sec. 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.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Section: Previous 68.092 68.093 68.094 68.095 68.096 68.097 68.098 68.099 68.100 68.101 68.102 68.103 68.104 68.105 68.106 NextLast modified: September 28, 2016