Public-domain · open source
OpenJurist

Tex. Util. Code § 162.303

DISTRIBUTION OF NET ASSETS ON DISSOLUTION

Known as the Telephone Cooperative Act

The act spans §§ 162–162 (61 sections).

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff

Assets of a dissolved telephone cooperative that remain after all liabilities or obligations of the cooperative have been satisfied shall be distributed as follows:

(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and

(2) second, to members for the pro rata repayment of membership fees.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.