Sec. 51.007. 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.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 51 - Farmers' Cooperative Societies
Section 51.002. Application of General Corporation Laws
Section 51.006. Area of Operation
Section 51.007. Nonprofit Corporation; Division of Profits
Section 51.009. Articles of Incorporation
Section 51.010. Bylaws and Amendments to Articles of Incorporation
Section 51.011. Copies of Articles, Amendments, and Bylaws; Filing With County Clerk
Section 51.014. Membership Certificates
Section 51.015. Notes as Subscription Contracts
Section 51.016. Liability of Members
Section 51.018. Suspension; Expulsion
Section 51.021. Restriction on Use of Public Money for Incorporation