Texas Business Organizations Code

§ 152.611 — REDEMPTION OF TRANSFEREE'S PARTNERSHIP INTEREST

BO § 152.611Title 4. PARTNERSHIPS · Ch. 152. GENERAL PARTNERSHIPS · Art. H. REDEMPTION OF WITHDRAWING PARTNER'S OR TRANSFEREE'S INTEREST

(a)A partnership must redeem the partnership interest of a transferee for its fair value if:

(1)the interest was transferred when:

(A)the partnership had a period of duration that had not yet expired;

(B)the partnership was for a particular undertaking not yet completed; or

(C)the partnership agreement provided for winding up of the partnership business on a specified event that had not yet occurred;

(2)the partnership's period of duration has expired, the particular undertaking has been completed, or the specified event has occurred; and

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Legislative history

Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 111, eff. September 1, 2007.