Tex. Agric. Code § 51.007 · Chapter 51. FARMERS' COOPERATIVE SOCIETIES
NONPROFIT CORPORATION; DIVISION OF PROFITS.
Verbatim from the official edition
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A society is a cooperative and a nonprofit corporation.
(b) A society, on approval of its directors in accordance with its bylaws, may:
(1) transfer its profits to its surplus fund; or
(2) divide its profits among its members, in proportion to each member's cash contribution to the society's working capital and patronage to the society.
Notes and commentary — not statutory text
History
Acts 1981, 67th Leg., p. 1098, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/AG/htm/AG.51.htm
- Text hash
- sha256 e82616b9de452a3f2feb183f4cfdcf031b41e247db48da659e87ef6346326239
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.