Texas Utilities Code 162.251 – Conversion of Corporation Into Telephone Cooperative
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(a) A corporation organized under the laws of this state that furnishes or is authorized to furnish communication service may be converted into a telephone cooperative in accordance with this subchapter. On conversion, the corporation is subject to this chapter as if it had been originally organized under this chapter.
(b) The proposition for the conversion and proposed articles of conversion must be submitted at a meeting of the members or stockholders of the corporation or, in the case of a corporation that does not have members or stockholders, at a meeting of the incorporators of the corporation. A copy of the proposed articles of conversion must be attached to the notice of the meeting.
Terms Used In Texas Utilities Code 162.251
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) A proposed conversion and proposed articles of conversion, with any amendments, may be approved only on the affirmative vote of:
(1) at least two-thirds of the members of the corporation voting on the proposed conversion and articles;
(2) the holders of at least two-thirds of the shares of the capital stock of the corporation represented at the meeting and voting on the proposition and articles, if the corporation is a stock corporation; or
(3) at least two-thirds of the corporation’s incorporators, if the corporation does not have members or outstanding shares of capital stock.