Texas Utilities Code 162.303 – Distribution of Net Assets On Dissolution
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Terms Used In Texas Utilities Code 162.303
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Assets of a dissolved telephone cooperative that remain after all liabilities or obligations of the cooperative have been satisfied shall be distributed as follows:
(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and
(2) second, to members for the pro rata repayment of membership fees.