Tex. Bus. Orgs. Code Section 251.401
Voluntary Winding up and Termination

(a)

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.

(b)

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:

(1)

pay debts;

(2)

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

(3)

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.

Source: Section 251.401 — Voluntary Winding up and Termination, https://statutes.­capitol.­texas.­gov/Docs/BO/htm/BO.­251.­htm#251.­401 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 251.401’s source at texas​.gov