Sec. 501.406. ASSETS ON TERMINATION. On termination the title to all funds and property owned by the corporation is transferred to the corporation's authorizing unit.
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