Tex. Bus. Orgs. Code § 251.401 · Subchapter I. WINDING UP AND TERMINATION
VOLUNTARY WINDING UP AND TERMINATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(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.
Notes and commentary — not statutory text
History
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BO/htm/BO.251.htm
- Text hash
- sha256 a1830326ffe30f512f3b675b6a97155dc49145f896adf82d2a7f5485593fc73b
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Business Organizations Code
- Tex. Bus. Orgs. Code ch. 11WINDING UP AND TERMINATION OF DOMESTIC ENTITYPrinted as Chapter 11
- Tex. Bus. Orgs. Code § 22.301APPROVAL OF VOLUNTARY WINDING UP, REINSTATEMENT, REVOCATION OF VOLUNTARY WINDING UP, OR DISTRIBUTION PLAN.Printed as Sections 22.301-22.303
- Tex. Bus. Orgs. Code § 22.303MEETING OF MEMBERS; NOTICE.Printed as Sections 22.301-22.303
- Tex. Bus. Orgs. Code § 251.403DISTRIBUTION OF ASSETS.Printed as Section 251.403
Cited by 2 provisions
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