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Texas Business Organizations Code - Section 251.352. Reports To Members

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 251.352. Reports To Members

§ 251.352. REPORTS TO MEMBERS.  (a) A cooperative 
association shall submit a written report to its members at the 
annual meeting of the cooperative association.  The annual report 
must contain:
		(1)  a balance sheet;                                                         
		(2)  an income and expense statement;                                         
		(3)  the amount and nature of the cooperative 
association's authorized, subscribed, and paid-in capital;
		(4)  the total number of shareholders;                                        
		(5)  the number of shareholders who were admitted to or 
withdrew from the association during the year;
		(6)  the par value of the association's shares;                               
		(7)  the rate at which any investment dividends have 
been paid;  and        
		(8)  if the cooperative association does not issue 
shares:                  
			(A)  the total number of members;                                            
			(B)  the number of members who were admitted to or 
withdrew from the association during the year;  and
			(C)  the amount of membership fees received.                                 
	(b)  The directors shall appoint a committee composed of 
members who are not principal bookkeepers, accountants, or 
employees of the cooperative association to review the cooperative 
association.
	(c)  The committee appointed under Subsection (b) shall 
report on the quality of the annual report required by this section 
and the bookkeeping system of the cooperative association at the 
annual meeting.

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

Last modified: August 11, 2007