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Texas Business Organizations Code

§ 251.401 — VOLUNTARY WINDING UP AND TERMINATION

BO § 251.401Title 6. ASSOCIATIONS · Ch. 251. COOPERATIVE ASSOCIATIONS · Art. I. WINDING UP AND TERMINATION

Statute text

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(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 directed to wind up and liquidate its affairs, three members of the cooperative association elected by a vote of at least a majority of the members voting shall be designated as trustees on behalf of the cooperative association to:
(1)pay debts;
(2)liquidate the cooperative association's assets within the time set in the trustees' designation or any extension of time; and
(3)distribute the cooperative association's assets in the manner provided by Section 251.403.

Legislative history

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

Source: Texas Business Organizations Code § 251.401 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.