Texas Business Organizations Code 251.053 – Bylaws
(a) Unless the certificate of formation or bylaws of a cooperative association require a greater majority, the bylaws may be adopted, amended, or repealed by a majority vote of the cooperative association‘s members voting on the matter.
(b) Except as provided by this code, the bylaws may contain:
(1) requirements for admission to membership;
(2) requirements for disposal of a member‘s interest on cessation of membership;
(3) the time, place, and manner of calling and conducting meetings;
(4) the number or percentage of the members constituting a quorum;
(5) the number, qualifications, powers, duties, and term of directors and officers;
(6) the method of electing, removing, and filling a vacancy of directors and officers;
(7) the division or classification, if any, of directors to provide for staggered terms;
(8) the compensation, if any, of the directors;
(9) the number of directors necessary to constitute a quorum;
(10) the method for distributing the net savings;
(11) a requirement that each officer or employee of the cooperative association who handles funds or securities be bonded;
(12) other discretionary provisions of this chapter, Title 1, and Chapters 20 and 22; and
(13) any other provision incident to a purpose or activity of the cooperative association.
Terms Used In Texas Business Organizations Code 251.053
- Association: means an entity governed as an association under Title 6 or 7. See Texas Business Organizations Code 1.002
- Certificate of formation: means :
(A) the document required to be filed with the filing officer under Chapter 3 to form a filing entity; and
(B) if appropriate, a restated certificate of formation and all amendments of an original or restated certificate of formation. See Texas Business Organizations Code 1.002 - cooperative association: means an association governed as a cooperative association under Chapter 251. See Texas Business Organizations Code 1.002
- Member: means :
(A) in the case of a limited liability company, a person who has become, and has not ceased to be, a member in the limited liability company as provided by its governing documents or this code;
(B) in the case of a nonprofit corporation, a person who has membership rights in the nonprofit corporation under its governing documents;
(C) in the case of a cooperative association, a member of a nonshare or share association;
(D) in the case of a nonprofit association, a person who has membership rights in the nonprofit association under its governing documents; or
(E) in the case of a professional association, a person who has membership rights in the professional association under its governing documents. See Texas Business Organizations Code 1.002 - 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
- Quorum: The number of legislators that must be present to do business.