Texas § 442.047 DISPOSITION OF ORGANIZATION ASSETS ON DISSOLUTION.

Texas Statutes

§ 442.047 — DISPOSITION OF ORGANIZATION ASSETS ON DISSOLUTION.

Texas § 442.047

Code GVGovernment Code

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Bluebook

Tex. Government Code Code Ann. § 442.047 (2026).

Text

Sec. 442.047. DISPOSITION OF ORGANIZATION ASSETS ON DISSOLUTION.

(a)In the event of an organization's dissolution, the commission is the sole beneficiary of all items held in the organization's name that relate to the commission, except as otherwise provided by the organization's articles of incorporation or the terms of the gift or other transfer of the items to the organization.

(b)An item for which the commission is not the sole beneficiary must be clearly identified and described on an agreed list prepared jointly by the commission and the organization.

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Sec. 442.047. DISPOSITION OF ORGANIZATION ASSETS ON DISSOLUTION. (a) In the event of an organization's dissolution, the commission is the sole beneficiary of all items held in the organization's name that relate to the commission, except as otherwise provided by the organization's articles of incorporation or the terms of the gift or other transfer of the items to the organization.
(b) An item for which the commission is not the sole beneficiary must be clearly identified and described on an agreed list prepared jointly by the commission and the organization.