Tex. Bus. Org. Code § 2.111
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Except for the payment of necessary legal fees or promotion expenses, a cooperative association may not directly or indirectly use its funds, issue shares, or incur indebtedness for the payment of compensation for the organization of the cooperative association in excess of five percent of the amount paid for the shares or membership certificates involved in the promotion transaction.
Tex. Bus. Org. Code § 2.111