Texas Business Organizations Code 251.401 – Voluntary Winding Up and Termination
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(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.
Terms Used In Texas Business Organizations Code 251.401
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means an entity governed as an association under Title 6 or 7. 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