Sec. 501.402. TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE. The board of directors of a corporation, with the approval by written resolution of the corporation's authorizing unit, shall terminate the corporation's existence as provided by this subtitle if the board by resolution determines that:
(1) the purposes for which the corporation was formed have been substantially fulfilled; and
(2) all bonds issued by the corporation have been fully paid.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Structure Texas Statutes
Title 12 - Planning and Development
Chapter 501 - Provisions Governing Development Corporations
Subchapter I. Alteration or Termination of Corporation
Section 501.401. Alteration or Termination by Authorizing Unit
Section 501.402. Termination of Corporation on Completion of Purpose
Section 501.403. Execution of Certificate of Termination
Section 501.404. Delivery and Filing of Certificate of Termination
Section 501.405. Effect of Issuance of Certificate Evidencing Filing of Certificate of Termination
Section 501.406. Assets on Termination
Section 501.407. Termination With Transfer of Assets to Type a Corporation