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Texas Business Organizations Code - Section 251.104. Referendum

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 251.104. Referendum

§ 251.104. REFERENDUM.  (a) The certificate of formation 
or bylaws of a cooperative association may provide for a referendum 
on any action undertaken by the cooperative association's board of 
directors if the referendum is:
		(1)  requested by petition of 10 percent or more of all 
of the members of the cooperative association;  or
		(2)  requested and approved by the vote of at least a 
majority of the directors of the cooperative association.
	(b)  The proposition to be voted on in a referendum 
authorized under Subsection (a) must be submitted to the members of 
the cooperative association for consideration within the time 
specified in the document authorizing the referendum.
	(c)  A right of a third party that has vested between the time 
of the action and the time of the referendum is not impaired by the 
referendum results.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007