Sec. 301.047. CONSTRUCTION OF SUBCHAPTER. (a) This subchapter does not prevent a cooperative association from:
(1) creating recourse or nonrecourse debt in the form of bonds, debentures, notes, or any other form of obligation;
(2) encumbering, mortgaging, pledging, or granting a security interest in any property of the cooperative association;
(3) refunding existing debt or obligations by any means available under this subchapter; or
(4) otherwise exercising all express or implied powers granted by Section 301.033(b), 301.037, 301.038, 301.039, or 301.044, or granted by state corporation laws.
(b) This section only clarifies the powers of cooperative associations and does not expand their powers.
Added by Acts 1993, 73rd Leg., ch. 902, Sec. 1, eff. June 19, 1993.
Structure Texas Statutes
Subtitle E - Cooperative Associations
Chapter 301 - Cooperative Associations
Subchapter B. Miscellaneous Cooperative Associations
Section 301.032. Creation of Cooperative Association
Section 301.033. Articles of Incorporation
Section 301.034. Use of Public Funds Prohibited
Section 301.035. Membership; Membership Privileges; Expulsion of Members
Section 301.036. Membership Not Required
Section 301.037. Powers of Cooperative Association
Section 301.038. Provision of Services; Costs
Section 301.039. Bonds, Notes, or Other Obligations
Section 301.040. Bonds as Investments
Section 301.041. Liability to Creditors
Section 301.042. Tax Exemption
Section 301.043. Annual Report
Section 301.044. Surplus Revenue
Section 301.045. Loans to Members Prohibited