Texas Utilities Code - Section 162.126. Encumbrance, Lease, And Disposition Of Property With Members' Authorization
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Texas Laws > Utilities Code > Texas Utilities Code - Section 162.126. Encumbrance, Lease, And Disposition Of Property With Members' Authorization
Section: 162.081 162.082 162.121 162.122 162.123 162.124 162.125 162.126 162.151 162.152 162.153 162.154 162.201 162.202 162.203
§ 162.126. ENCUMBRANCE, LEASE, AND DISPOSITION OF
PROPERTY WITH MEMBERS' AUTHORIZATION. (a) Except as provided by
Section 162.125, a telephone cooperative may not dispose of, lease,
or encumber all or a major portion of its property unless the
disposition, lease, or encumbrance is authorized by the affirmative
vote of at least two-thirds of all the members of the cooperative.
(b) The board may, on the authorization of two-thirds of all
the members of the cooperative at a members' meeting, dispose of or
lease all or a major portion of its property to:
(1) another telephone cooperative;
(2) a foreign corporation doing business in this state
under this chapter; or
(3) the holder of a note, bond, or other evidence of
indebtedness issued to the United States or to a lending
institution licensed by the United States or a state.
(c) The notice of a meeting at which a disposition or lease
under Subsection (b) is to be considered must state the proposed
Acts 1997, 75th Leg., ch. 166, § 1, eff. Sept. 1, 1997.
Last modified: August 11, 2007