Texas § 162.126 ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION.

Texas Statutes

§ 162.126 — ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION.

Texas § 162.126

Code UTUtilities Code

This text of Texas § 162.126 (ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Tex. Utilities Code Code Ann. § 162.126 (2026).

Text

Sec. 162.126. ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION.

(a)Except as provided by Section 162.125 , a telephone cooperative may not dispose of, lease, or encumber all or a major portion of its property unless the disposition, lease, or encumbrance is authorized by the affirmative vote of at least two-thirds of all the members of the cooperative.

(b)The board may, on the authorization of two-thirds of all the members of the cooperative at a members' meeting, dispose of or lease all or a major portion of its property to:

(1)another telephone cooperative;

(2)a foreign corporation doing business in this state under this chapter; or

(3)the holder of a note, bond, or other evidence of indebtedness issued to the United States or to a lending institution lice

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Sec. 162.126. ENCUMBRANCE, LEASE, AND DISPOSITION OF PROPERTY WITH MEMBERS' AUTHORIZATION. (a) Except as provided by Section 162.125 , a telephone cooperative may not dispose of, lease, or encumber all or a major portion of its property unless the disposition, lease, or encumbrance is authorized by the affirmative vote of at least two-thirds of all the members of the cooperative.
(b) The board may, on the authorization of two-thirds of all the members of the cooperative at a members' meeting, dispose of or lease all or a major portion of its property to:
(1) another telephone cooperative;
(2) a foreign corporation doing business in this state under this chapter; or
(3) the holder of a note, bond, or other evidence of indebtedness issued to the United States or to a lending institution licensed by the United States or a state.
(c) The notice of a meeting at which a disposition or lease under Subsection (b) is to be considered must state the proposed action.
SUBCHAPTER D. AMENDMENT OF ARTICLES OF INCORPORATION