Tex. Business Organizations Code § 251.153
This is the official text of Tex. Business Organizations Code § 251.153, part of Texas’s Business Organizations Code — governs the formation and operation of corporations, LLCs, and partnerships.
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§ 251.153. SUBSCRIBERS.
Official statutory text
(a) A person is a subscriber of a cooperative association only if the person is:
(1) eligible for membership in the cooperative association under Section 251.151; and
(2) legally obligated to purchase a share or membership in the cooperative association.
(b) The certificate of formation or bylaws of a cooperative association may state whether and the conditions under which voting rights or other membership rights are granted to a subscriber of the cooperative association.
(1) eligible for membership in the cooperative association under Section 251.151; and
(2) legally obligated to purchase a share or membership in the cooperative association.
(b) The certificate of formation or bylaws of a cooperative association may state whether and the conditions under which voting rights or other membership rights are granted to a subscriber of the cooperative association.
Status: in_force · Read it on the official government site
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