Texas Business Organizations Code
Sec. § 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.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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Last accessed
Jul. 13, 2020