Tex. Utilities Code § 162.303
This is the official text of Tex. Utilities Code § 162.303, part of Texas’s Utilities Code — regulates utility companies.
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§ 162.303. DISTRIBUTION OF NET ASSETS ON DISSOLUTION.
Official statutory text
Assets of a dissolved telephone cooperative that remain after all liabilities or obligations of the cooperative have been satisfied shall be distributed as follows:
(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and
(2) second, to members for the pro rata repayment of membership fees.
(1) first, to patrons for the pro rata return of amounts standing to their credit because of their patronage; and
(2) second, to members for the pro rata repayment of membership fees.
Status: in_force · Read it on the official government site
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