Tex. Ins. Code § 961.402 · Subchapter I. DISSOLUTION AND LIQUIDATION OF CORPORATION
VOLUNTARY DISSOLUTION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The board of directors of a nonprofit legal services corporation may vote to dissolve the corporation at any time.
(b) In a dissolution under this section, the officers of the corporation shall settle all outstanding obligations to participants and otherwise dispose of the corporation's affairs. After the officers have completed the corporation's liquidation, the corporation shall be dissolved as provided by:
(1) the provisions relating to winding up and termination under Subchapter G, Chapter 22, Business Organizations Code; or
(2) if the corporation was organized under the former Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes), the provisions relating to voluntary dissolution under that former law.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 643 (S.B. 1623), Sec. 15, eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.961.htm
- Text hash
- sha256 aec26a5908c2342667c114a17174e30eea046d8f610e1f75939055a7ced3aafa
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.