Sec. 431.182. DISSOLUTION BY BOARD ON COMPLETION OF PURPOSE. The board, with the approval by written resolution of the commission, shall dissolve the corporation as provided by this subchapter if the board by resolution determines that:
(1) the purposes for which the corporation was formed have been substantially fulfilled; and
(2) all obligations of the corporation have been fully paid.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.
Structure Texas Statutes
Subtitle I - Transportation Corporations
Chapter 431 - Texas Transportation Corporation Act
Subchapter F. Alteration or Dissolution of Corporation
Section 431.181. Alteration or Dissolution by Commission
Section 431.182. Dissolution by Board on Completion of Purpose
Section 431.183. Execution of Articles of Dissolution
Section 431.184. Delivery and Filing of Articles of Dissolution
Section 431.185. Effect of Issuance of Certificate of Dissolution