Texas Business Organizations Code

§ 10.056 — SPECIAL PROVISIONS APPLYING TO PARTNERSHIPS

BO § 10.056Title 1. GENERAL PROVISIONS · Ch. 10. MERGERS, INTEREST EXCHANGES, CONVERSIONS, AND SALES OF ASSETS · Art. B. EXCHANGES OF INTERESTS

Statute text

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To effect an interest exchange:

(1)the partnership agreement of each domestic partnership whose partnership interests are to be acquired pursuant to the plan of exchange must authorize the partnership interest exchange adopted by the partnership;

(2)each domestic partnership whose partnership interests are to be acquired under the plan of exchange must approve the plan of exchange in the manner prescribed by its partnership agreement; and

(3)each acquiring domestic partnership must take all actions that may be required by its partnership agreement in order to effect the exchange.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.