Texas Statutes (Last Updated: January 4, 2014) |
TRANSPORTATION CODE |
Title 6. ROADWAYS |
Subtitle I. TRANSPORTATION CORPORATIONS |
Chapter 431. TEXAS TRANSPORTATION CORPORATION ACT |
Subchapter F. ALTERATION OR DISSOLUTION OF CORPORATION |
Sec. 431.182. DISSOLUTION BY BOARD ON COMPLETION OF PURPOSE
Latest version.
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The board, with the approval by written resolution of the commission, shall dissolve the corporation as provided by this subchapter if the board by resolution determines that:
(1) the purposes for which the corporation was formed have been substantially fulfilled; and
(2) all obligations of the corporation have been fully paid.
Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.