Section 251.104 - Referendum(a) The certificate of formation or bylaws of a cooperative association may provide for a referendum on any action undertaken by the cooperative association's board of directors if the referendum is:(1) requested by petition of 10 percent or more of all of the members of the cooperative association; or(2) requested and approved by the vote of at least a majority of the directors of the cooperative association.(b) The proposition to be voted on in a referendum authorized under Subsection (a) must be submitted to the members of the cooperative association for consideration within the time specified in the document authorizing the referendum.(c) A right of a third party that has vested between the time of the action and the time of the referendum is not impaired by the referendum results.Tex. Bus. Org. Code § 251.104
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.