Sec. 301.047. CONSTRUCTION OF SUBCHAPTER

Latest version.

(a) This subchapter does not prevent a cooperative association from:
(1) creating recourse or nonrecourse debt in the form of bonds, debentures, notes, or any other form of obligation;
(2) encumbering, mortgaging, pledging, or granting a security interest in any property of the cooperative association;
(3) refunding existing debt or obligations by any means available under this subchapter; or
(4) otherwise exercising all express or implied powers granted by Section 301.033(b), 301.037, 301.038, 301.039, or 301.044, or granted by state corporation laws.
(b) This section only clarifies the powers of cooperative associations and does not expand their powers.

Added by Acts 1993, 73rd Leg., ch. 902, Sec. 1, eff. June 19, 1993.

                    
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