Texas § 961.402 VOLUNTARY DISSOLUTION.

Texas Statutes

§ 961.402 — VOLUNTARY DISSOLUTION.

Texas § 961.402

Code INInsurance Code

This text of Texas § 961.402 (VOLUNTARY DISSOLUTION.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 961.402 (2026).

Text

Sec. 961.402. VOLUNTARY DISSOLUTION.

(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.

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 961.402. VOLUNTARY DISSOLUTION. (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.

Legislative 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.