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Texas Local Government Code - LOC GOV'T § 501.401. Alteration or Termination by Authorizing Unit

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

(a) At any time a corporation's authorizing unit, in its sole discretion, may in accordance with this subtitle:

(1) alter the corporation's structure, organization, programs, or activities; or

(2) terminate the existence of the corporation.

(b) The authority of an authorizing unit under this section is limited only by the law of this state on the impairment of contracts entered into by the corporation.

(c) An authorizing unit may make an alteration or may terminate the corporation's existence only by a written resolution of the authorizing unit's governing body.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 501.401. Alteration or Termination by Authorizing Unit - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-501-401/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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