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Texas Business Organizations Code

§ 22.307 — RESPONSIBILITY FOR WINDING UP

BO § 22.307Title 2. CORPORATIONS · Ch. 22. NONPROFIT CORPORATIONS · Art. G. WINDING UP AND TERMINATION

Statute text

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If a corporation determines or is required to wind up, the winding up of the corporation's affairs shall be managed by:
(1)the directors, if management of the affairs is not vested in the corporation's members under Section 22.202; or
(2)the members, if management of the affairs is vested in the corporation's members under Section 22.202.

Legislative history

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

Source: Texas Business Organizations Code § 22.307 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.