Texas Business Organizations Code 2.011 – Purposes of Cooperative Association
Current as of: 2024 | Check for updates
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(a) A person may organize a cooperative association under this code to acquire, produce, build, operate, manufacture, furnish, exchange, or distribute any type of property, commodities, goods, or services for the primary and mutual benefit of the members of the cooperative association.
(b) A cooperative association may not be organized to:
(1) serve or function as a health maintenance organization;
(2) furnish medical or health care; or
(3) employ or contract with a health care provider in a manner prohibited by the statute under which the provider is licensed.
Terms Used In Texas Business Organizations Code 2.011
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Contract: A legal written agreement that becomes binding when signed.
- cooperative association: means an association governed as a cooperative association under Chapter 251. See Texas Business Organizations Code 1.002
- Organization: means a corporation, limited or general partnership, limited liability company, business trust, real estate investment trust, joint venture, joint stock company, cooperative, association, bank, insurance company, credit union, savings and loan association, or other organization, regardless of whether the organization is for-profit, nonprofit, domestic, or foreign. 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 protected series or registered series of a domestic limited liability company or foreign entity. See Texas Business Organizations Code 1.002
- Property: includes tangible and intangible property and an interest in that property. See Texas Business Organizations Code 1.002
- Statute: A law passed by a legislature.
(c) A cooperative association may not directly or indirectly engage in a health maintenance organization or a prepaid legal service corporation.