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State Law
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Texas Business Organizations Code - Chapter 251 Cooperative AssociationsLegal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Chapter 251 Cooperative Associations In this chapter: (1) "Cooperative basis" means that net savings, after payment of any investment dividends or after provision for separate funds has been made ... (a) A provision of Title 1 and Chapters 20 and 22 governing nonprofit corporations applies to a cooperative association. (b) Notwithstanding Subsection (a), this chapter ... This chapter does not apply to a corporation or association organized on a cooperative basis under a statute of this state other than this chapter ... After a cooperative association's certificate of formation is filed, the cooperative association shall hold an organization meeting in accordance with Section 22.104. Acts 2003, 78th ... (a) The board of directors of a cooperative association may propose an amendment to the cooperative association's certificate of formation by a two-thirds vote of ... (a) Unless the certificate of formation or bylaws of a cooperative association require a greater majority, the bylaws may be adopted, amended, or repealed by ... (a) The board of directors of a cooperative association may adopt a restated certificate of formation as provided by Subchapter B, Chapter 3, by following ... (a) Except as provided by Subsections (b) and (c), a cooperative association is managed by a board of directors in accordance with Chapter 22. (b) ... (a) The directors of a cooperative association shall annually elect, unless otherwise provided by the bylaws, the following officers for the cooperative association: (1) a ... (a) A director or officer of a cooperative association may be removed from office in the manner provided by the certificate of formation or bylaws ... (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 ... A person, an unincorporated group or other person organized on a cooperative basis, or a nonprofit group may be admitted to membership in a cooperative ... (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 ... (a) A person is a subscriber of a cooperative association only if the person is: (1) eligible for membership in the cooperative association under Section ... (a) Except as provided by Subsection (b), a member or subscriber of a cooperative association is not jointly or severally liable for a debt of ... (a) A cooperative association may not issue a certificate for membership capital or for invested capital until any par value of the certificate has been ... (a) A member who decides to withdraw from a cooperative association shall make a written offer to sell the member's membership certificates to the cooperative ... (a) The bylaws of a cooperative association may authorize the cooperative association's board of directors to recall during a specified time and in accordance with ... The minimum amount necessary for membership in a cooperative association, not to exceed $50, is exempt from attachment, execution, or garnishment for the debts of ... (a) Regular meetings of members of a cooperative association shall be held at least once a year as prescribed by the cooperative association's bylaws. (b) ... The notice of a special meeting of the members of a cooperative association shall state the purpose of the meeting. Acts 2003, 78th Leg., ch. ... (a) The certificate of formation or bylaws of a cooperative association may provide for the holding of meetings by units of the membership of the ... (a) Except as provided by Subsection (b), a member of a cooperative association has one vote. (b) If a cooperative association includes among its membership ... A member is not entitled to vote by proxy. Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006. ... (a) The certificate of formation or bylaws of a cooperative association may contain the procedures in Subsection (b) or (c), or both, for voting by ... (a) If a cooperative association has provided for voting by mail or by delegates, a provision of this chapter referring to votes cast by members ... (a) Except as otherwise provided by the cooperative association's bylaws, an investment dividend of a cooperative association may not be cumulative and may not exceed ... (a) At least once each year the members or directors of a cooperative association, as provided by the certificate of formation or bylaws of the ... A cooperative association shall keep books and records relating to the cooperative association's business operation in accordance with standard accounting practices. Acts 2003, 78th Leg., ... (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: ... (a) This section applies only to a cooperative association that has at least 100 members or at least $20,000 in annual business. (b) Not later ... (a) If a cooperative association required by Section 251.353 to file a copy of a report with the secretary of state does not file the ... (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 ... An officer of a cooperative association or one or more of the persons designated as a liquidating trustee under Section 251.401 shall execute the certificate ... Subject to Sections 11.052 and 11.053(a), the trustees designated under Section 251.401 shall distribute the cooperative association's assets in the following order: (1) by returning ... A suit for involuntary termination of a cooperative association organized under this chapter may be instituted for the causes and prosecuted in the manner provided ... A cooperative association organized under this chapter is exempt from the franchise tax and license fees imposed by the state or a political subdivision of ... (a) Only a cooperative association governed by this chapter, a group organized on a cooperative basis under another law of this state, or a foreign ... Texas Lawyers
Last modified: August 10, 2007 |