Texas Special District Local Laws Code 8803.152 – Authority for Agreement for Merger; Provisions
(a) Subject to Sections 8803.153, 8803.154, and 8803.155, the district may enter into a merger agreement with a water supply or sewer service corporation.
(b) The merger agreement must include provisions for:
(1) the district’s assumption of the debts, liabilities, and obligations of the water supply or sewer service corporation;
(2) the district’s assumption of the ownership of the corporation’s assets and facilities;
(3) the assignment to the district of the certificate of public convenience and necessity obtained by the corporation under Subchapter G, Chapter 13, Water Code, and any right obtained under the certificate;
(4) the district’s performance of the functions and services previously provided by the corporation; and
(5) the dissolution of the corporation.
Terms Used In Texas Special District Local Laws Code 8803.152
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.