Texas Business Organizations Code - Section 251.401. Voluntary Winding Up And Termination
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§ 251.401. VOLUNTARY WINDING UP AND TERMINATION. (a) A
cooperative association may wind up and terminate its affairs in
accordance with Chapter 11 and Sections 22.301-22.303.
(b) If a cooperative association is directed to wind up and
liquidate its affairs, three members of the cooperative association
elected by a vote of at least a majority of the members voting shall
be designated as trustees on behalf of the cooperative association
to:
(1) pay debts;
(2) liquidate the cooperative association's assets
within the time set in the trustees' designation or any extension of
time; and
(3) distribute the cooperative association's assets in
the manner provided by Section 251.403.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 251.257 251.301 251.302 251.351 251.352 251.353 251.354 251.401 251.402 251.403 251.404 251.451 251.452 252.001 252.002
Last modified: August 11, 2007
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