{"data":{"id":"us-tx/tex.-utilities-code-162.126","jurisdiction":"us-tx","citation":"Tex. Utilities Code § 162.126","heading":"ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION.","body":"(a) Except as provided by Section 162.125, a telephone cooperative may not dispose of, lease, or encumber all or a major portion of its property unless the disposition, lease, or encumbrance is authorized by the affirmative vote of at least two-thirds of all the members of the cooperative.\n(b) The board may, on the authorization of two-thirds of all the members of the cooperative at a members' meeting, dispose of or lease all or a major portion of its property to:\n(1) another telephone cooperative;\n(2) a foreign corporation doing business in this state under this chapter; or\n(3) the holder of a note, bond, or other evidence of indebtedness issued to the United States or to a lending institution licensed by the United States or a state.\n(c) The notice of a meeting at which a disposition or lease under Subsection (b) is to be considered must state the proposed action.\nActs 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.","path":["UTILITIES CODE","TITLE 4. DELIVERY OF UTILITY SERVICES","SUBTITLE A. UTILITY CORPORATIONS AND OTHER PROVIDERS","CHAPTER 162. TELEPHONE COOPERATIVE CORPORATIONS","SUBCHAPTER C. POWERS OF TELEPHONE COOPERATIVE"],"source_url":"https://statutes.capitol.texas.gov/Docs/UT/htm/UT.162.htm#162.126","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:45Z","sha256":"6365a320fa975e2680f922bf291f568b86665732fe78895b8704433f9d78566c","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-utilities-code-162.125","next":"us-tx/tex.-utilities-code-162.151"},"notice":"GroundRules: Original legal text. Not legal advice."}