Creation of Cooperative Association

Sec. 301.032. CREATION OF COOPERATIVE ASSOCIATION. (a) Eligible institutions may create a cooperative association to establish, operate, and maintain a system on a nonprofit, cooperative basis solely for the use and benefit of eligible institutions. (b) An association is created under the terms prescribed by the governing bodies of the respective eligible institutions. (c) An association created under this subchapter shall include as part of its name "Cooperative Association." Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.