Texas Business Organizations Code
§ 153.501 — CANCELLATION OR REVOCATION OF EVENT REQUIRING WINDING UP; CONTINUATION OF BUSINESS
BO § 153.501Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. K. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS
Statute text
View on source(a)The limited partnership may cancel under Section 11.152 an event requiring winding up arising from the expiration of its period of duration as specified in Section 11.051(1) or from the occurrence of an event specified in its governing documents as specified in Section 11.051(3) if, not later than the 90th day after the event, all remaining partners, or another group or percentage of partners as specified by the partnership agreement, agree in writing to continue the business of the limited partnership.
(b)The limited partnership may cancel under Section 11.152 an event requiring winding up arising from an event of withdrawal of a general partner as specified in Section 11.058(b) if:
(1)there remains at least one general partner and the partnership agreement permits the business of the limited partnership to be carried on by the remaining general partners and those remaining general partners carry on the business; or
(2)not later than one year after the event, all remaining partners, or another group or percentage of partners specified in the partnership agreement:
(A)agree in writing to continue the business of the limited partnership; and
(B)to the extent that they desire or if there are no remaining general partners, agree to the appointment of one or more new general partners.
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Legislative history
Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 93, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 126, eff. September 1, 2007. Acts 2011, 82nd Leg., R.S., Ch. 139 (S.B. 748), Sec. 54, eff. September 1, 2011.