Texas Government Code 2306.558 – Alteration and Termination
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(a) Subject to this subchapter and the prohibition on the impairment of contracts in the law of this state, the corporation‘s board of directors by written resolution may alter the structure, organization, programs, or activities of the corporation or terminate and dissolve the corporation.
(b) The corporation’s board of directors shall dissolve the corporation if the board by resolution determines that:
(1) the purposes for which the corporation was formed have been substantially fulfilled; and
(2) all bonds and other obligations issued by the corporation and all guaranties and insurance and other contractual obligations have been fully paid or provision for that payment has been made.
Terms Used In Texas Government Code 2306.558
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
(c) On dissolution, the title to funds and properties previously owned by the corporation shall be transferred to the department.