GroundRules
Tex. Business Organizations Code § 2.111: LIMITATION ON POWERS OF COOPERATIVE ASSOCIATION.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 1. GENERAL PROVISIONS
- CHAPTER 2. PURPOSES AND POWER OF DOMESTIC ENTITY
- SUBCHAPTER B. POWERS OF DOMESTIC ENTITY
Except for the payment of necessary legal fees or promotion expenses, a cooperative association may not directly or indirectly use its funds, issue shares, or incur indebtedness for the payment of compensation for the organization of the cooperative association in excess of five percent of the amount paid for the shares or membership certificates involved in the promotion transaction.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Collected 2026-08-27T01:46:58Z. Source file · JSON