Tex. Business Organizations Code § 251.401
VOLUNTARY WINDING UP AND TERMINATION
Texas · Texas Business Organizations Code · Status: effective
Cite this
- Citation
- Tex. Business Organizations Code § 251.401, VOLUNTARY WINDING UP AND TERMINATION, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/584362
- Permanent ID
ys:prov:584362@1- SHA-256
d92a38304ccda71e31d365b1083ad1727c561bbf3324928f16e6b467c8727069
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) A cooperative association may wind up and terminate its affairs in accordance with Chapter 11 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.