Sec. 162.303. DISTRIBUTION OF NET ASSETS ON DISSOLUTION

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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.

                    
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