Texas Business Organizations Code 251.404 – Involuntary Termination
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Terms Used In Texas Business Organizations Code 251.404
- 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
A suit for involuntary termination of a cooperative association organized under this chapter may be instituted for the causes and prosecuted in the manner provided by Chapter 11. The assets of a cooperative association that is involuntarily terminated shall be distributed in accordance with Section 251.403.