Sec. 221.085. VESTING PROPERTY IN SPONSORING ENTITY. The title to all funds and other property owned by a development corporation when it dissolves automatically vests in the sponsoring entity without further conveyance, transfer, or other act.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Subtitle A - Financing, Constructing, Regulating, and Inspecting Health Facilities
Chapter 221 - Health Facilities Development Act
Subchapter D. Dissolution of Corporation
Section 221.081. Dissolution Authorized
Section 221.082. Articles of Dissolution
Section 221.083. Certificate of Dissolution
Section 221.084. Extension of Duration
Section 221.085. Vesting Property in Sponsoring Entity
Section 221.086. Rights, Claims, and Liabilities Before Dissolution