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Texas Special District Local Laws Code - SDLL § 7208.0153. Transfer of Assets; Dissolution

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

(a) If the creation of the district is confirmed under Section 7208.0152, the corporation shall transfer the assets, debts, and contractual rights and obligations of the corporation to the district.

(b) Following the transfer under Subsection (a):

(1) the board of directors of the corporation shall commence dissolution proceedings of the corporation;

(2) Certificate of Convenience and Necessity No. 10666 is considered to be held by the district; and

(3) the board of directors of the corporation shall notify:

(A) the Texas Commission on Environmental Quality of the dissolution of the corporation; and

(B) the Public Utility Commission of Texas of the transfer of Certificate of Convenience and Necessity No. 10666 to the district.

(c) On receipt of notice under Subsection (b)(3)(B), the Public Utility Commission of Texas shall note in its records that Certificate of Convenience and Necessity No. 10666 is held by the district and shall reissue the certificate in the name of the district without further application, notice, or hearing. A person, party, or entity does not have any right of protest, objection, or administrative review of the transfer prescribed by this section.

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Cite this article: FindLaw.com - Texas Special District Local Laws Code - SDLL § 7208.0153. Transfer of Assets; Dissolution - last updated January 01, 2024 | https://codes.findlaw.com/tx/special-district-local-laws-code/sdll-sect-7208-0153/

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