1. (a) Except as provided by Chapter 251, a cooperative association may exercise the same powers and privileges and is subject to the same duties, restrictions, and liabilities as a nonprofit corporation.

2. (b) A cooperative association may:

   1. (1) own and hold membership in other associations or corporations;
   2. (2) own and hold share capital of other associations or corporations;
   3. (3) own and exercise ownership rights in bonds or other obligations;
   4. (4) make agreements of mutual aid or federation with other associations, other groups organized on a cooperative basis, or other nonprofit groups; and
   5. (5) deliver money to a scholarship fund for rural students.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.