Tex. Bus. Org. Code § 251.401

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

Section 251.401 - Voluntary Winding Up and Termination

(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.

Tex. Bus. Org. Code § 251.401

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.