Tex. Loc. Gov't Code § 505.354 · Subchapter H. TERMINATION OF CORPORATION
TERMINATION OF EXISTENCE OF CORPORATION.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If a majority of the votes cast at an election held under Section 505.352 approve the termination, the Type B corporation shall:
(1) continue operations only as necessary to meet the obligations the corporation incurred before the date of the election, including paying the principal of and interest on the corporation's bonds; and
(2) liquidate the corporation's assets and apply the proceeds to satisfy the corporation's obligations, to the extent practicable.
(b) After the Type B corporation has satisfied all of the corporation's obligations, any remaining assets of the corporation shall be transferred to the authorizing municipality, and the existence of the corporation is terminated.
(c) The authorizing municipality shall promptly notify the comptroller and the secretary of state of the date the existence of a Type B corporation is terminated under this subchapter.
(d) A tax imposed under this chapter may not be collected after the last day of the first calendar quarter that begins after the authorizing municipality provides notice under Subsection (c).
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/LG/htm/LG.505.htm
- Text hash
- sha256 520abbf6324001ef24f199c234bab7b5784beaf1c17051841c37f0f953619052
- 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
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