Tex. Loc. Gov't Code § 501.402

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 501.402 - Termination of Corporation on Completion of Purpose

The board of directors of a corporation, with the approval by written resolution of the corporation's authorizing unit, shall terminate the corporation's existence as provided by this subtitle if the board by resolution determines that:

(1) the purposes for which the corporation was formed have been substantially fulfilled; and

(2) all bonds issued by the corporation have been fully paid.

Tex. Loc. Gov't. Code § 501.402

Added by Acts 2007, 80th Leg., R.S., Ch. 885, Sec. 3.01, eff. 4/1/2009.