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Texas Business Organizations Code

§ 251.153 — SUBSCRIBERS

BO § 251.153Title 6. ASSOCIATIONS · Ch. 251. COOPERATIVE ASSOCIATIONS · Art. D. MEMBERSHIP

Statute text

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(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 251.151; and
(2)legally obligated to purchase a share or membership in the cooperative association.
(b)The certificate of formation or bylaws of a cooperative association may state whether and the conditions under which voting rights or other membership rights are granted to a subscriber of the cooperative association.

Legislative history

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

Source: Texas Business Organizations Code § 251.153 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.