Texas Business Organizations Code 3.013 – Supplemental Provisions Required in Certificate of Formation of Cooperative Association
Terms Used In Texas Business Organizations Code 3.013
- 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
- Share: means a unit into which the ownership interest in a for-profit corporation, professional corporation, real estate investment trust, or professional association is divided, regardless of whether the share is certificated or uncertificated. See Texas Business Organizations Code 1.002
- Year: means 12 consecutive months. See Texas Government Code 311.005
In addition to the information required by § 3.005, the certificate of formation of a cooperative association must state:
(1) whether the cooperative association is organized with or without shares;
(2) the number of shares or memberships subscribed for the cooperative association;
(3) if the cooperative association is organized with shares:
(A) the amount of authorized capital;
(B) the number and type of shares;
(C) par value of the shares, if any; and
(D) the rights, preferences, and restrictions of each type of share;
(4) the method of distribution on winding up and termination of any surplus of the cooperative association in accordance with § 251.403; and
(5) the names and street addresses of the directors who will manage the affairs of the cooperative association for the initial year, unless sooner changed by the members.