Sec. 431.186. ASSETS ON DISSOLUTION. On dissolution or liquidation of a corporation, the title to all assets, including funds and property, shall be transferred to the commission unless the corporation is a local government corporation, in which case the title shall be transferred to the local governments that created the corporation.
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