The Laws of Texas, 1929-1931 [Volume 27] Page: 27 of 1,943
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FORTY-FIRST LEGISLATURE-FOURTH CALLED SESSION. 15
of collection of the same, and the purposes for which they must
be used. (h) The amount which each member or stockholders
(stockholder) shall be required to pay annually or from time to
time, if at all, to carry on the business of the association; the
charge, if any, to be paid by each member or stockholder for
services rendered by the association to him and the time of payment
and the manner of collection; and the marketing contract
between the association and its members or stockholders which
every member or stockholder may be required to sign. (i) The
number and qualification of members or stockholders of the
association and the conditions precident to members of ownership
of common stock; the method, time and manner of permitting
members to withdraw or the holders of common stock to
transfer their stock; the manner of assignment and transfer
of the interest of members, and of the shares of common stock;
the conditions upon which, and time when membership of any
member shall cease. The automatic suspension of the rights of
a member when he ceases to be eligible to membership in the
association, and mode, manner and effect of the expulsion of a
member; manner of determining the value of a member's interest
and provision for its purchase by the association upon
the death or withdrawal of a member or stockholder, or upon
the expulsion of a member or forfeiture of his membership, or,
at the option of the association, by conclusive appraisal by the
board of directors. In case of the withdrawal or expulsion of a
member, the board of directors shall equitably and conclusively
appraise his property interests in the association and shall fix
the amount thLereof in money, which shall be paid to him within
one year after such expulsion or withdrawal.
SEC. 6. Article 5748 of the Revised Civil Statutes of 1925 is
hereby amended so as to read as follows:
Article 5748. Directors-Election.-The affairs of the association
shall be managed by a board of not less than five directors
elected by the members or stockholders from their ,own
number. Any association which is a member or stockholder may
designate any of its members or stockholders to cast its vote as
prescribed by the by-laws of the association holding the meeting
and any member or stockholder so designated may be considered
as a member or stockholder of the association holding the
meeting, for the purpose of election or service as director thereof.
SEC. 7. Article 5763 of the Revised Civil Statutes of 1925
is hereby amended so as to read as follows:
Article 5763. Application of General Laws, etc.-The provisions
of the general corporation laws of this State, and all
powers and rights thereunder shall apply to associations organized
hereunder except when in conflict with the provisions of
this chapter. Provided, however, that any co-operative marketing
association incorporated under the laws of any other State
may apply for and be granted a premit to do business in this
State and pay the same filing fee as required of domestic corporations
organized for a similar purpose. Provided further,
that such foreign co-operative marketing asociations shall not
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Gammel, Hans Peter Mareus Neilsen. The Laws of Texas, 1929-1931 [Volume 27], book, 1931; Austin, Texas. (texashistory.unt.edu/ark:/67531/metapth16362/m1/27/: accessed December 15, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .