Sec. 162.303. DISTRIBUTION OF NET ASSETS ON DISSOLUTION. Assets of a dissolved telephone cooperative that remain after all liabilities or obligations of the cooperative have been satisfied shall be distributed as follows:
(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and
(2) second, to members for the pro rata repayment of membership fees.
Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.
Section: Previous 162.152 162.153 162.154 162.201 162.202 162.203 162.204 162.205 162.251 162.252 162.253 162.254 162.301 162.302 162.303Last modified: September 28, 2016