Texas Utilities Code - UTIL § 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:

(c) The notice of a meeting at which a disposition or lease under Subsection (b) is to be considered must state the proposed action.