Texas § BO.251.203 - SHARE AND MEMBERSHIP CERTIFICATES
Full text of Texas The Texas Constitution § BO.251.203 — SHARE AND MEMBERSHIP CERTIFICATES, with citation guidance and answers to common questions.
§ BO.251.203. SHARE AND MEMBERSHIP CERTIFICATES
SHARE AND MEMBERSHIP CERTIFICATES; RECALL. (a) The bylaws of a cooperative association may authorize the cooperative association's board of directors to recall during a specified time and in accordance with the bylaws the membership certificates of a member who fails to patronize the cooperative association. The board may use the reserve funds to recall, at par value, the membership certificates of any member in excess of the amount required for membership. (b) After the board of directors of a cooperative association recalls a membership certificate under Subsection (a), membership in the cooperative association is terminated and the board shall cause the cooperative association to reissue or cancel the certificate. The board of directors may not recall membership certificates if recalling the certificates would jeopardize the cooperative association's solvency. (c) The board of directors may use the reserve funds to recall and repurchase the investment certificates of an investor at par value plus any investment dividends due. (d) The bylaws of a cooperative association may establish specific procedures, terms, and conditions for recalls and repurchases of investment certificates. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § BO.251.203
What does The Texas Constitution § BO.251.203 cover?
Section BO.251.203 ("SHARE AND MEMBERSHIP CERTIFICATES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § BO.251.203?
A common citation format is "The Texas Constitution § BO.251.203" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § BO.251.203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.