Texas Local Government Code 501.401 – Alteration or Termination by Authorizing Unit
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(a) At any time a corporation‘s authorizing unit, in its sole discretion, may in accordance with this subtitle:
(1) alter the corporation’s structure, organization, programs, or activities; or
(2) terminate the existence of the corporation.
(b) The authority of an authorizing unit under this section is limited only by the law of this state on the impairment of contracts entered into by the corporation.
Terms Used In Texas Local Government Code 501.401
- 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) An authorizing unit may make an alteration or may terminate the corporation’s existence only by a written resolution of the authorizing unit’s governing body.