Texas Business Organizations Code

§ 101.551 — PERSONS ELIGIBLE TO WIND UP COMPANY

BO § 101.551Title 3. LIMITED LIABILITY COMPANIES · Ch. 101. LIMITED LIABILITY COMPANIES · Art. L. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

Statute text

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After an event requiring the winding up of a limited liability company unless a revocation as provided by Section 11.151 or a cancellation as provided by Section 11.152 occurs, the winding up of the company must be carried out by:

(1)the company's governing authority or one or more persons, including a governing person, designated by the governing authority, the members, or the governing documents;

(2)if the event requiring the winding up of the company is the termination of the continued membership of the last remaining member of the company, the legal representative or successor of the last remaining member or one or more persons designated by the legal representative or successor; or

(3)a person appointed by the court to carry out the winding up of the company under Section 11.054, 11.405, 11.409, or 11.410.

Legislative history

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