Tex. Util. Code § 162.303

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

Section 162.303 - Distribution of Net Assets on Dissolution

Assets of a dissolved telephone cooperative that remain after all liabilities or obligations of the cooperative have been satisfied shall be distributed as follows:

(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and

(2) second, to members for the pro rata repayment of membership fees.

Tex. Util. Code § 162.303

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.