Texas Business Organizations Code

§ 152.601 — REDEMPTION IF PARTNERSHIP NOT WOUND UP

BO § 152.601Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST

Statute text

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The partnership interest of a withdrawn partner automatically is redeemed by the partnership as of the date of withdrawal in accordance with this subchapter if:

(1)the event of withdrawal occurs under Sections 152.501(b)(1)-(9) and an event requiring a winding up of partnership business does not occur before the 61st day after the date of the withdrawal; or

(2)the event of a withdrawal occurs under Section 152.501(b)(10).

Legislative history

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