Texas § 68.106 LIMITATION ON SHARE OWNERSHIP.

Texas Statutes

§ 68.106 — LIMITATION ON SHARE OWNERSHIP.

Texas § 68.106

Code TNTransportation Code

This text of Texas § 68.106 (LIMITATION ON SHARE OWNERSHIP.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Transportation Code Code Ann. § 68.106 (2026).

Text

Sec. 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).

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Sec. 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).