(a) If the creation of the district is confirmed under § 7208.0152, the corporation shall transfer the assets, debts, and contractual rights and obligations of the corporation to the district.
(b) Following the transfer under Subsection (a):
(1) the board of directors of the corporation shall commence dissolution proceedings of the corporation;
(2) Certificate of Convenience and Necessity No. 10666 is considered to be held by the district; and
(3) the board of directors of the corporation shall notify:
(A) the Texas Commission on Environmental Quality of the dissolution of the corporation; and
(B) the Public Utility Commission of Texas of the transfer of Certificate of Convenience and Necessity No. 10666 to the district.

Terms Used In Texas Special District Local Laws Code 7208.0153

  • 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.
  • Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005

(c) On receipt of notice under Subsection (b)(3)(B), the Public Utility Commission of Texas shall note in its records that Certificate of Convenience and Necessity No. 10666 is held by the district and shall reissue the certificate in the name of the district without further application, notice, or hearing. A person, party, or entity does not have any right of protest, objection, or administrative review of the transfer prescribed by this section.

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