Texas Utilities Code

§ 162.303 — DISTRIBUTION OF NET ASSETS ON DISSOLUTION

UT § 162.303Title 4. DELIVERY OF UTILITY SERVICES · Part A. UTILITY CORPORATIONS AND OTHER PROVIDERS · Ch. 162. TELEPHONE COOPERATIVE CORPORATIONS · Art. G. DISSOLUTION

Statute text

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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.

Legislative history

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.