Texas Local Government Code 501.402 – Termination of Corporation On Completion of Purpose
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Local Government Code 501.402
- 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
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.