Sec. 10.056. SPECIAL PROVISIONS APPLYING TO PARTNERSHIPS. To effect an interest exchange:
(1) the partnership agreement of each domestic partnership whose partnership interests are to be acquired pursuant to the plan of exchange must authorize the partnership interest exchange adopted by the partnership;
(2) each domestic partnership whose partnership interests are to be acquired under the plan of exchange must approve the plan of exchange in the manner prescribed by its partnership agreement; and
(3) each acquiring domestic partnership must take all actions that may be required by its partnership agreement in order to effect the exchange.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 10 - Mergers, Interest Exchanges, Conversions, and Sales of Assets
Subchapter B. Exchanges of Interests
Section 10.051. Interest Exchanges
Section 10.052. Plan of Exchange: Required Provisions
Section 10.053. Plan of Exchange: Permissive Provisions
Section 10.054. Effectiveness of Exchange