Texas Business Organizations Code
Sec. § 251.353
Annual Report of Financial Condition


This section applies only to a cooperative association that has at least 100 members or at least $20,000 in annual business.


Not later than the 120th day after the date on which the association closes its business each year, a cooperative association shall file in the association’s registered office a report of the association’s financial condition stating:


the name of the association;


the address of the association’s principal office;


the name, address, occupation, and date of expiration of the term of office of each officer and director;


any compensation paid by the association to each officer or director of the association;


the amount and nature of the authorized, subscribed, and paid-in capital;


the total number of shareholders;


the number of shareholders who were admitted to or withdrew from the association during the year;


the par value of the association’s shares;


the rate at which any investment dividends have been paid; and


if the association has no shares:


the total number of members;


the number of members who were admitted to or withdrew from the association during the year; and


the amount of membership fees received.


The report required by Subsection (b) must:


include a balance sheet and income and expense statement of the cooperative association; and


be signed by the president and secretary.


A cooperative association that has at least 3,000 members or at least $750,000 in annual business shall file a copy of the report required by this section with the secretary of state.


A person commits an offense if the person signs a report that is required by this section and contains a materially false statement that the person knows is false. An offense under this subsection is a misdemeanor punishable by:


a fine of not less than $25 or more than $200;


confinement in county jail for a term of not less than 30 days or more than one year; or


both the fine and confinement.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Last accessed
Jul. 13, 2020