Sec. 11.058. SUPPLEMENTAL PROVISION FOR LIMITED PARTNERSHIP. (a) A voluntary decision to wind up a domestic limited partnership requires the written consent of all partners in the limited partnership unless otherwise provided by the partnership agreement. The voluntary decision to wind up may be revoked in accordance with Sections 11.151 and 153.501(d).
(b) An event of withdrawal of a general partner of a domestic limited partnership is an event requiring winding up under Section 11.051(4) unless otherwise provided by the partnership agreement. The event requiring winding up specified in this subsection may be canceled in accordance with Sections 11.152(a) and 153.501(b).
(c) An event requiring winding up of a limited partnership under Section 11.051(4) includes when there are no limited partners in the limited partnership. The event requiring winding up specified in this subsection may be canceled in accordance with Sections 11.152(a) and 153.501(e).
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 64, eff. September 1, 2007.
Structure Texas Statutes
Chapter 11 - Winding Up and Termination of Domestic Entity
Subchapter B. Winding Up of Domestic Entity
Section 11.051. Event Requiring Winding Up of Domestic Entity
Section 11.052. Winding Up Procedures
Section 11.053. Property Applied to Discharge Liabilities and Obligations
Section 11.054. Court Supervision of Winding Up Process
Section 11.055. Court Action or Proceeding During Winding Up
Section 11.056. Supplemental Provisions for Limited Liability Company
Section 11.057. Supplemental Provisions for Domestic General Partnership
Section 11.058. Supplemental Provision for Limited Partnership