Sec. 162.059. NONPROFIT OPERATION

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(a) A telephone cooperative shall be operated on a nonprofit basis for the mutual benefit of its members and patrons.
(b) A cooperative's bylaws and its contracts with members and patrons must contain appropriate provisions relating to the disposition of revenues and receipts to establish and maintain the cooperative's nonprofit and cooperative character.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.

                    
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