Texas Local Government Code 501.407 – Termination With Transfer of Assets to Type a Corporation
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Terms Used In Texas Local Government Code 501.407
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
On approval of the governing bodies of each unit and corporation involved, a corporation that is not a Type A corporation may transfer all of the corporation’s assets to a Type A corporation and terminate its existence as provided by this subtitle.