Tex. Bus. Org. Code § 251.153

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 251.153 - Subscribers

(a) A person is a subscriber of a cooperative association only if the person is:

(1) eligible for membership in the cooperative association under Section 251.151; and

(2) legally obligated to purchase a share or membership in the cooperative association.

(b) The certificate of formation or bylaws of a cooperative association may state whether and the conditions under which voting rights or other membership rights are granted to a subscriber of the cooperative association.

Tex. Bus. Org. Code § 251.153

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. 1/1/2006.