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Texas Business Organizations Code

§ 251.204 — CERTIFICATES; ATTACHMENT

BO § 251.204Title 6. ASSOCIATIONS · Ch. 251. COOPERATIVE ASSOCIATIONS · Art. E. SHARES

Statute text

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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 member of a cooperative association. If a member's holdings are subject to attachment, execution, or garnishment, the directors of the cooperative association may admit the purchaser to membership or may purchase the holdings at par value.

Legislative history

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

Source: Texas Business Organizations Code § 251.204 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.