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Texas Business Organizations Code

§ 153.503 — POWERS OF PERSON CONDUCTING WIND UP

BO § 153.503Title 4. PARTNERSHIPS · Ch. 153. LIMITED PARTNERSHIPS · Art. K. SUPPLEMENTAL WINDING UP AND TERMINATION PROVISIONS

Statute text

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(a)After the occurrence of an event requiring winding up of a limited partnership and until the filing of a certificate of termination as provided by Section 11.101, unless a written partnership agreement provides otherwise, a person winding up the limited partnership's business in the name of and on behalf of the limited partnership may take the actions specified in Sections 11.052 and 11.053.
(b)The acts described by Subsection (a) do not create a liability for a limited partner that did not exist before an action to wind up the business of the partnership was taken. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. Amended by:

Legislative history

Acts 2005, 79th Leg., Ch. 64 (H.B. 1319), Sec. 94, eff. January 1, 2006. Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 127, eff. September 1, 2007.

Source: Texas Business Organizations Code § 153.503 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.