Sec. 51.007. NONPROFIT CORPORATION; DIVISION OF PROFITS. (a) A society is a cooperative and a nonprofit corporation.
(b) A society, on approval of its directors in accordance with its bylaws, may:
(1) transfer its profits to its surplus fund; or
(2) divide its profits among its members, in proportion to each member's cash contribution to the society's working capital and patronage to the society.
Acts 1981, 67th Leg., p. 1098, ch. 388, Sec. 1, eff. Sept. 1, 1981.
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