Texas Business Organizations Code 101.619 – Cancellation of Event Requiring Winding Up
(a) Unless the cancellation is prohibited by the company agreement, an event requiring winding up of the protected series or registered series under § 101.616(2)(A) or (B) may be canceled by the consent of all of the members of the protected series or registered series before the termination of the protected series or registered series takes effect.
(b) In connection with the cancellation, the members must amend the company agreement to:
(1) eliminate or extend the time specified for the protected series or registered series if the event requiring winding up of the protected series or registered series occurred under § 101.616(2)(A); or
(2) eliminate or revise the event specified with respect to the protected series or registered series if the event requiring winding up of the protected series or registered series occurred under § 101.616(2)(B).
Terms Used In Texas Business Organizations Code 101.619
- Protected series: means a series of a domestic limited liability company that is established as a protected series in accordance with § 101. See Texas Business Organizations Code 1.002
- Registered series: means a series of a domestic limited liability company that is formed as a registered series in accordance with § 101. See Texas Business Organizations Code 1.002