Texas § 501.402 TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE.

Texas Statutes

§ 501.402 — TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE.

Texas § 501.402

Code LGLocal Government Code

This text of Texas § 501.402 (TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE.) 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. Local Government Code Code Ann. § 501.402 (2026).

Text

Sec. 501.402. TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE. The board of directors of a corporation, with the approval by written resolution of the corporation's authorizing unit, shall terminate the corporation's existence as provided by this subtitle if the board by resolution determines that:

(1)the purposes for which the corporation was formed have been substantially fulfilled; and

(2)all bonds issued by the corporation have been fully paid.

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Sec. 501.402. TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE. The board of directors of a corporation, with the approval by written resolution of the corporation's authorizing unit, shall terminate the corporation's existence as provided by this subtitle if the board by resolution determines that:
(1) the purposes for which the corporation was formed have been substantially fulfilled; and
(2) all bonds issued by the corporation have been fully paid.