Texas Attorney General Opinion: O-2766 Page: 2 of 3
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732
Department of Agriculture, Page 2
bonding company, in the bonds furnished in the
above connection."
We assume from your inquiry that you have reference
to the bonds of officers, employees, and agents of corporations
incorporated under the "Co-operative Marketing Act". Gener-
ally speaking, an association may be formed under the Co-oper-
ative Marketing Act by five or more persons engaged in the
production of agricultural products or three or more associa-
tions to engage in any one or more of the activities specified
in the Act. Generally, the organization is effected by a group
of persons or organization committee, who may make .aany minor
changes in the organic features of the incorporation, when au-
thorized by the organization agreement, and a majority of whom
may determine the propriety of completing the organization, at
least where there is no dissent or objection on the part of the
absentees. Articles of incorporation are required to be pre-
pared, subscribed and acknowledged, and be filed in aooordance
with the eneral corporation laws and an association which
fails to ncorporate is not entitled to the benefits of the Mar-
keting Act. The statute further provides for the adoption of
by-laws, the calling of meetings of members or stockholders, and
the election and removal of officers and directors.
Article 5757, Vernon's Annotated Civil Statutes, requir-
ing each and all officers, employees, and agents handling funds
and property of the corporations created under the provisions of
the Co-operative Marketing Act, reads as follows:
"Each and all officers, employees and agents,
handling funds or property of the corporation created
under the provisions of this Act, or any property or
funds of any person placed under the control of or in
the possession of said corporation, shall be required
to execute and deliver to the corporation a bond of
indemnity, indemnifying the corporation and members
against any fraudulent, dishonest, or unlawful act on
the part of such officers and employees and other acts
as provided by the by-laws of the association. In
case the officers and directors of any corporation au-
thorized to be created under the provisions of this
Act, shall fail to have all officers, employees and
agents handling such funds or property, execute the
bond provided for herein, each and all of said offi-
cers and directors shall be personally liable for all
losses occasioned by such failure, and which might
have been recovered on said bond."L
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Texas. Attorney-General's Office. Texas Attorney General Opinion: O-2766, text, 1940; (https://texashistory.unt.edu/ark:/67531/metapth259988/m1/2/: accessed June 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.