Texas Agriculture Code 51.007 – Nonprofit Corporation; Division of Profits
Current as of: 2024 | Check for updates
|
Other versions
(a) A society is a cooperative and a nonprofit corporation.
(b) A society, on approval of its directors in accordance with its bylaws, may:
(1) transfer its profits to its surplus fund; or
(2) divide its profits among its members, in proportion to each member’s cash contribution to the society’s working capital and patronage to the society.
Terms Used In Texas Agriculture Code 51.007
- 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.