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Texas Local Government Code - LOC GOV'T § 501.402. Termination of Corporation on Completion of Purpose

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

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.

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Cite this article: FindLaw.com - Texas Local Government Code - LOC GOV'T § 501.402. Termination of Corporation on Completion of Purpose - last updated January 01, 2024 | https://codes.findlaw.com/tx/local-government-code/loc-gov-t-sect-501-402/

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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