Texas Health and Safety Code 221.085 – Vesting Property in Sponsoring Entity
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Terms Used In Texas Health and Safety Code 221.085
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Property: means real and personal property. See Texas Government Code 311.005
The title to all funds and other property owned by a development corporation when it dissolves automatically vests in the sponsoring entity without further conveyance, transfer, or other act.