Sec. 11.413. SUPPLEMENTAL PROVISIONS FOR APPLICATION OF PROCEEDS FROM LIQUIDATION OF NONPROFIT CORPORATION. (a) In proceedings under Section 11.405, the property of a nonprofit corporation or the proceeds resulting from a sale, conveyance, or other disposition of its property shall be applied to:
(1) pay, satisfy, and discharge all costs and expenses of the court proceedings and all liabilities and obligations of the nonprofit corporation; or
(2) make adequate provision for the payment, satisfaction, and discharge of the costs, expenses, liabilities, or obligations described by Subdivision (1).
(b) Any property remaining after application is made under this section must be applied and distributed in the manner provided by Section 22.304.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 11 - Winding Up and Termination of Domestic Entity
Section 11.402. Jurisdiction to Appoint Receiver
Section 11.403. Appointment of Receiver for Specific Property
Section 11.404. Appointment of Receiver to Rehabilitate Domestic Entity
Section 11.405. Appointment of Receiver to Liquidate Domestic Entity; Liquidation
Section 11.406. Receivers: Qualifications, Powers, and Duties
Section 11.407. Court-Ordered Filing of Claims
Section 11.408. Supervising Court; Jurisdiction; Authority
Section 11.409. Ancillary Receiverships of Foreign Entities
Section 11.410. Receivership for All Property and Business of Foreign Entity
Section 11.411. Governing Persons and Owners Not Necessary Parties Defendant
Section 11.412. Decree of Involuntary Termination
Section 11.414. Filing of Decree of Involuntary Termination Against Filing Entity