Texas § BO.251.401 - VOLUNTARY WINDING UP AND TERMINATION
Full text of Texas The Texas Constitution § BO.251.401 — VOLUNTARY WINDING UP AND TERMINATION, with citation guidance and answers to common questions.
§ BO.251.401. VOLUNTARY WINDING UP AND TERMINATION
VOLUNTARY WINDING UP AND TERMINATION. (a) A cooperative association may wind up and terminate its affairs in accordance with Chapter 11 and Sections 22.301-22.303. (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: (1) pay debts; (2) liquidate the cooperative association's assets within the time set in the trustees' designation or any extension of time; and (3) distribute the cooperative association's assets in the manner provided by Section 251.403 . 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.251.401
What does The Texas Constitution § BO.251.401 cover?
Section BO.251.401 ("VOLUNTARY WINDING UP AND TERMINATION") 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.251.401?
A common citation format is "The Texas Constitution § BO.251.401" (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.251.401 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.