Texas Business Organizations Code 251.101 – Board of Directors
Current as of: 2024 | Check for updates
|
Other versions
(a) Except as provided by Subsections (b) and (c), a cooperative association is managed by a board of directors in accordance with Chapter 22.
(b) The board shall contain at least five directors elected by and from the cooperative association‘s members. A director:
(1) serves a term not to exceed three years as provided by the bylaws; and
(2) holds office until the director is removed or the director’s successor is elected.
Terms Used In Texas Business Organizations Code 251.101
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - cooperative association: means an association governed as a cooperative association under Chapter 251. See Texas Business Organizations Code 1.002
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
(c) The bylaws of a cooperative association may:
(1) apportion the number of directors among the units into which the cooperative association may be divided; and
(2) provide for the election of the directors by the respective units to which the directors are apportioned.
(d) An executive committee of the board of directors may be elected in the manner and with the powers and duties specified by the certificate of formation or bylaws.