Texas § AG.51.007 - NONPROFIT CORPORATION
Full text of Texas The Texas Constitution § AG.51.007 — NONPROFIT CORPORATION, with citation guidance and answers to common questions.
§ AG.51.007. NONPROFIT CORPORATION
NONPROFIT CORPORATION; DIVISION OF PROFITS. (a) A society is a cooperative and a nonprofit corporation. (b) A society, on approval of its directors in accordance with its bylaws, may: (1) transfer its profits to its surplus fund; or (2) divide its profits among its members, in proportion to each member's cash contribution to the society's working capital and patronage to the society. Acts 1981, 67th Leg., p. 1098, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § AG.51.007
What does The Texas Constitution § AG.51.007 cover?
Section AG.51.007 ("NONPROFIT CORPORATION") 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 § AG.51.007?
A common citation format is "The Texas Constitution § AG.51.007" (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 § AG.51.007 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.