Sec. 251.104. REFERENDUM. (a) The certificate of formation or bylaws of a cooperative association may provide for a referendum on any action undertaken by the cooperative association's board of directors if the referendum is:
(1) requested by petition of 10 percent or more of all of the members of the cooperative association; or
(2) requested and approved by the vote of at least a majority of the directors of the cooperative association.
(b) The proposition to be voted on in a referendum authorized under Subsection (a) must be submitted to the members of the cooperative association for consideration within the time specified in the document authorizing the referendum.
(c) A right of a third party that has vested between the time of the action and the time of the referendum is not impaired by the referendum results.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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