{"data":{"id":"us-tx/tex.-business-organizations-code-251.401","jurisdiction":"us-tx","citation":"Tex. Business Organizations Code § 251.401","heading":"VOLUNTARY WINDING UP AND TERMINATION.","body":"(a) A cooperative association may wind up and terminate its affairs in accordance with Chapter 11 and Sections 22.301-22.303.\n(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:\n(1) pay debts;\n(2) liquidate the cooperative association's assets within the time set in the trustees' designation or any extension of time; and\n(3) distribute the cooperative association's assets in the manner provided by Section 251.403.\nActs 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.","path":["BUSINESS ORGANIZATIONS CODE","TITLE 6. ASSOCIATIONS","CHAPTER 251. COOPERATIVE ASSOCIATIONS","SUBCHAPTER I. WINDING UP AND TERMINATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/BO/htm/BO.251.htm#251.401","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:46:58Z","sha256":"965167ac0cb4a6e135657febde720e65bfdd12241e986301854f3cbbef28e4f0","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-business-organizations-code-251.352","next":"us-tx/tex.-business-organizations-code-251.402"},"notice":"GroundRules: Original legal text. Not legal advice."}