Texas Agriculture Code

§ 54.005 — CAPITAL STOCK

AG § 54.005Title 4. AGRICULTURAL ORGANIZATIONS · Ch. 54. MUTUAL LOAN CORPORATIONS

Statute text

(a)The incorporators or the board of directors of a corporation formed under this chapter may divide the corporation's capital stock into preferred and common stock.

(b)If preferred stock is to be issued, the articles of incorporation must state:

(1)the amount of preferred stock that the corporation may issue;

(2)the conditions and procedure for the payment of dividends on preferred stock;

(3)the rate at which preferred stock dividends are paid; and

(4)the conditions and procedure for the retirement of preferred and common stock.

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Legislative history

Acts 1981, 67th Leg., p. 1120, ch. 388, Sec. 1, eff. Sept. 1, 1981.