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Texas Insurance Code - INS § 961.402. Voluntary Dissolution

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

(a) The board of directors of a nonprofit legal services corporation may vote to dissolve the corporation at any time.

(b) In a dissolution under this section, the officers of the corporation shall settle all outstanding obligations to participants and otherwise dispose of the corporation's affairs. After the officers have completed the corporation's liquidation, the corporation shall be dissolved as provided by:

(1) the provisions relating to winding up and termination under Subchapter G, Chapter 22, Business Organizations Code; or

(2) if the corporation was organized under the former Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes), the provisions relating to voluntary dissolution under that former law.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 961.402. Voluntary Dissolution - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-961-402/

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