Texas Agriculture Code Title 4, Chapter 51 - Farmers' Cooperative Societies

• Texas Section 51.001 - Definition
  In this chapter, "society" means a farmers' cooperative society incorporated under this chapter. Acts 1981, 67th Leg., p. 1097, ch. 388, Sec. 1, eff. Sept....
• Texas Section 51.002 - Application Of General Corporation Laws
  The general corporation laws of the state govern societies unless those laws conflict with this chapter. Acts 1981, 67th Leg., p. 1097, ch. 388, Sec....
• Texas Section 51.003 - Purpose
  A society may be organized to enable its members to cooperate with each other for the purposes authorized by this chapter. Acts 1981, 67th Leg.,...
• Texas Section 51.004 - Powers
  (a) A society may: (1) borrow money and discount notes, not to exceed a total amount equal to five times its working capital; (2) lend...
• Texas Section 51.005 - Assets
  A society shall have cash, notes acceptable to its directors, or other property, the combined value of which is $500 or more. Acts 1981, 67th...
• Texas Section 51.006 - Area Of Operation
  A society shall confine its activities and business operation to the community in which it is located. Its activities and business operation may not extend...
• Texas Section 51.007 - Nonprofit Corporation; Division Of Profits
  (a) A society is a cooperative and a nonprofit corporation. (b) A society, on approval of its directors in accordance with its bylaws, may: (1)...
• Texas Section 51.008 - Incorporators
  To be eligible to incorporate under this chapter, a person must be engaged in agricultural pursuits. Acts 1981, 67th Leg., p. 1098, ch. 388, Sec....
• Texas Section 51.009 - Articles Of Incorporation
  (a) The incorporators shall prepare articles of incorporation under the general corporation laws of the state and shall deliver the articles to the attorney general...
• Texas Section 51.010 - Bylaws And Amendments To Articles Of Incorporation
  (a) Each member of a society shall sign the bylaws of the society. (b) A society shall obtain the approval of its bylaws and amendments...
• Texas Section 51.011 - Copies Of Articles, Amendments, And Bylaws; Filing With County Clerk
  (a) After filing and recording the articles of incorporation, an amendment to the articles, or bylaws, the secretary of state shall issue to a society...
• Texas Section 51.012 - Membership
  (a) Membership in a society is limited to persons in the community in which the society is located who are engaged in agricultural pursuits. (b)...
• Texas Section 51.013 - Voting
  Each member of a society has one vote in the management of the society. Acts 1981, 67th Leg., p. 1099, ch. 388, Sec. 1, eff....
• Texas Section 51.014 - Membership Certificates
  (a) If a subscriber for membership certificates gives notes for the certificates, a society may not issue the certificates until the notes have been paid...
• Texas Section 51.015 - Notes As Subscription Contracts
  Notes given for membership certificates of a society are valid subscription contracts and are the property of the society. Acts 1981, 67th Leg., p. 1099,...
• Texas Section 51.016 - Liability Of Members
  (a) Except as provided by this section, a member of a society is not liable to the society or its creditors for an amount that...
• Texas Section 51.017 - Withdrawal
  (a) A member of a society is entitled to withdraw from the society under rules prescribed by the society's bylaws. (b) If a member withdraws,...
• Texas Section 51.018 - Suspension; Expulsion
  (a) As prescribed by the society's bylaws, a society may suspend or expel a member for misconduct. (b) If a member is expelled, the society...
• Texas Section 51.019 - Contributors
  A person who is not engaged in agricultural pursuits may contribute to a society. The amount of the contribution may not exceed one-third of the...
• Texas Section 51.020 - Forms
  (a) The attorney general shall prepare and file with the secretary of state forms for the following documents of a society: (1) articles of incorporation;...
• Texas Section 51.021 - Restriction On Use Of Public Money For Incorporation
  Public money appropriated to a department of state government or a state institution may not be used in organizing a society. Acts 1981, 67th Leg.,...
• Texas Section 51.022 - Name
  The name of a society must contain the words, "Farmers' Cooperative Society." Acts 1981, 67th Leg., p. 1100, ch. 388, Sec. 1, eff. Sept. 1,
• Texas Section 51.023 - Fees
  (a) The secretary of state shall charge fees for filing articles of incorporation or amendments in accordance with this section. (b) The fee for filing...
• Texas Section 51.024 - Report
  (a) A society shall annually file with the secretary of state a report that shows the condition of its affairs. (b) The report shall be...
• Texas Section 51.025 - Exemption From Franchise Tax
  A society is not required to pay any annual franchise tax, except that a society is exempt from the franchise tax imposed by Chapter 171,...

Last modified: September 28, 2016