Texas Transportation Code

§ 431.182 — DISSOLUTION BY BOARD ON COMPLETION OF PURPOSE

TN § 431.182Title 6. ROADWAYS · Part I. TRANSPORTATION CORPORATIONS · Ch. 431. TEXAS TRANSPORTATION CORPORATION ACT · Art. F. ALTERATION OR DISSOLUTION OF CORPORATION

Statute text

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The board, with the approval by written resolution of the commission, shall dissolve the corporation as provided by this subchapter if the board by resolution determines that:

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

(2)all obligations of the corporation have been fully paid.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.