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Texas Business Organizations Code - BUS ORG § 101.619. Cancellation of Event Requiring Winding Up

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Unless the cancellation is prohibited by the company agreement, an event requiring winding up of the protected series or registered series under Section 101.616(2)(A) or (B) may be canceled by the consent of all of the members of the protected series or registered series before the termination of the protected series or registered series takes effect.

(b) In connection with the cancellation, the members must amend the company agreement to:

(1) eliminate or extend the time specified for the protected series or registered series if the event requiring winding up of the protected series or registered series occurred under Section 101.616(2)(A);  or

(2) eliminate or revise the event specified with respect to the protected series or registered series if the event requiring winding up of the protected series or registered series occurred under Section 101.616(2)(B).

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Cite this article: FindLaw.com - Texas Business Organizations Code - BUS ORG § 101.619. Cancellation of Event Requiring Winding Up - last updated January 01, 2024 | https://codes.findlaw.com/tx/business-organizations-code/bus-org-sect-101-619/

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