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Texas Business Organizations Code - Section 251.152. Expulsion

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 251.152. Expulsion

§ 251.152. EXPULSION.  (a) A member of a cooperative 
association may be expelled by the vote of a majority of the 
cooperative association's members voting at a regular or special 
meeting.
	(b)  Not later than the 11th day before the date of the 
meeting, the cooperative association shall give the member written 
notice of the charges.  The member is entitled to be heard at the 
meeting in person or by counsel.
	(c)  If the cooperative association votes to expel a member, 
the cooperative association's board of directors shall cause the 
cooperative association to purchase the member's capital holdings 
at par value if the purchase does not jeopardize the cooperative 
association's solvency.

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

Last modified: August 11, 2007