Texas Business Organizations Code
Sec. § 251.401
Voluntary Winding up and Termination


A cooperative association may wind up and terminate its affairs in accordance with Chapter 11 (Winding up and Termination of Domestic Entity) and Sections 22.301-22.303.


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:


pay debts;


liquidate the cooperative association’s assets within the time set in the trustees’ designation or any extension of time; and


distribute the cooperative association’s assets in the manner provided by Section 251.403 (Distribution of Assets).
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Last accessed
Jul. 13, 2020