Sec. 153.502. WINDING UP PROCEDURES. (a) Except as provided by the partnership agreement, the winding up of the partnership's affairs shall be accomplished by:
(1) the general partners;
(2) if there are no general partners, the limited partners or a person chosen by the limited partners; or
(3) a person appointed by the court to carry out the winding up under Subsection (b).
(b) On application of a partner or a partner's legal representative or transferee, a court, on cause shown, may wind up the limited partnership's affairs and, in connection with the winding up, may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.
(c) Section 11.052(a)(2) shall not be applicable to a limited partnership.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 153 - Limited Partnerships
Subchapter K. Supplemental Winding Up and Termination Provisions
Section 153.501. Cancellation or Revocation of Event Requiring Winding Up; Continuation of Business
Section 153.502. Winding Up Procedures
Section 153.503. Powers of Person Conducting Wind Up