Tex.
Bus. Orgs. Code Section 251.353
Annual Report of Financial Condition
(a)
This section applies only to a cooperative association that has at least 100 members or at least $20,000 in annual business.(b)
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:(1)
the name of the association;(2)
the address of the association’s principal office;(3)
the name, address, occupation, and date of expiration of the term of office of each officer and director;(4)
any compensation paid by the association to each officer or director of the association;(5)
the amount and nature of the authorized, subscribed, and paid-in capital;(6)
the total number of shareholders;(7)
the number of shareholders who were admitted to or withdrew from the association during the year;(8)
the par value of the association’s shares;(9)
the rate at which any investment dividends have been paid; and(10)
if the association has no shares:(A)
the total number of members;(B)
the number of members who were admitted to or withdrew from the association during the year; and(C)
the amount of membership fees received.(c)
The report required by Subsection (b) must:(1)
include a balance sheet and income and expense statement of the cooperative association; and(2)
be signed by the president and secretary.(d)
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.(e)
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:(1)
a fine of not less than $25 or more than $200;(2)
confinement in county jail for a term of not less than 30 days or more than one year; or(3)
both the fine and confinement.
Source:
Section 251.353 — Annual Report of Financial Condition, https://statutes.capitol.texas.gov/Docs/BO/htm/BO.251.htm#251.353 (accessed Apr. 20, 2024).
