GroundRules
Tex. Local Government Code § 501.402: TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE.
Where this section sits in the code
- LOCAL GOVERNMENT CODE
- TITLE 12. PLANNING AND DEVELOPMENT
- SUBTITLE C1. ADDITIONAL PLANNING AND DEVELOPMENT PROVISIONS APPLYING TO MORE THAN ONE TYPE OF LOCAL GOVERNMENT
- CHAPTER 501. PROVISIONS GOVERNING DEVELOPMENT CORPORATIONS
- SUBCHAPTER I. ALTERATION OR TERMINATION OF CORPORATION
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.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Collected 2026-08-27T01:47:27Z. Source file · JSON