(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.
Official text of the Texas Utilities Code as published by the Texas Legislative Council.