Tex. Agric. Code § 51.007

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 51.007 - Nonprofit Corporation; Division of Profits

(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.

Tex. Agric. Code § 51.007

Acts 1981, 67th Leg., p. 1098, ch. 388, Sec. 1, eff. 9/1/1981.