Sec. 251.153. SUBSCRIBERS. (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.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
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