(a) This section applies only to a cooperative association that has at least 100 members or at least $20,000 in annual business.
(b) Not later than the 120th day after the date on which the association closes its business each year, a cooperative association shall file in the association’s registered office a report of the association’s financial condition stating:
(1) the name of the association;
(2) the address of the association’s principal office;
(3) the name, address, occupation, and date of expiration of the term of office of each officer and director;
(4) any compensation paid by the association to each officer or director of the association;
(5) the amount and nature of the authorized, subscribed, and paid-in capital;
(6) the total number of shareholders;
(7) the number of shareholders who were admitted to or withdrew from the association during the year;
(8) the par value of the association’s shares;
(9) the rate at which any investment dividends have been paid; and
(10) if the association has no shares:
(A) the total number of members;
(B) the number of members who were admitted to or withdrew from the association during the year; and
(C) the amount of membership fees received.
Terms Used In Texas Business Organizations Code 251.353
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- cooperative association: means an association governed as a cooperative association under Chapter Texas Business Organizations Code 1.002
- Director: means an individual who serves on the board of directors of a foreign or domestic corporation. See Texas Business Organizations Code 1.002
- Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
- Officer: means an individual elected, appointed, or designated as an officer of an entity by the entity's governing authority or under the entity's governing documents. See Texas Business Organizations Code 1.002
- Person: means an individual or a corporation, partnership, limited liability company, business trust, trust, association, or other organization, estate, government or governmental subdivision or agency, or other legal entity, or a series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- President: means the:
(A) individual designated as president of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of the principal executive officer of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002
- Secretary: means the:
(A) individual designated as secretary of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The report required by Subsection (b) must:
(1) include a balance sheet and income and expense statement of the cooperative association; and
(2) be signed by the president and secretary.
(d) A cooperative association that has at least 3,000 members or at least $750,000 in annual business shall file a copy of the report required by this section with the secretary of state.
(e) A person commits an offense if the person signs a report that is required by this section and contains a materially false statement that the person knows is false. An offense under this subsection is a misdemeanor punishable by:
(1) a fine of not less than $25 or more than $200;
(2) confinement in county jail for a term of not less than 30 days or more than one year; or
(3) both the fine and confinement.