Distribution of Net Assets On Dissolution

Sec. 162.303. DISTRIBUTION OF NET ASSETS ON DISSOLUTION. 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. Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.