Tex. Business Organizations Code § 251.104
REFERENDUM
Texas · Texas Business Organizations Code · Status: effective
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- Citation
- Tex. Business Organizations Code § 251.104, REFERENDUM, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/584336
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Full text
(a) The certificate of formation or bylaws of a cooperative association may provide for a referendum on any action undertaken by the cooperative association's board of directors if the referendum is:
(1) requested by petition of 10 percent or more of all of the members of the cooperative association; or
(2) requested and approved by the vote of at least a majority of the directors of the cooperative association.
(b) The proposition to be voted on in a referendum authorized under Subsection (a) must be submitted to the members of the cooperative association for consideration within the time specified in the document authorizing the referendum.
(c) A right of a third party that has vested between the time of the action and the time of the referendum is not impaired by the referendum results.