Texas Finance Code
§ 183.208 — DISSOLUTION
FI § 183.208Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part F. TRUST COMPANIES · Ch. 183. OWNERSHIP AND MANAGEMENT OF STATE TRUST COMPANY · Art. C. LIMITED TRUST ASSOCIATION
Statute text
View on source(a)A limited trust association organized under this chapter is dissolved on:
(1)the expiration of the period fixed for the duration of the limited trust association;
(2)a vote to dissolve or the execution of a written consent to dissolve by all full liability participants, if any, and a sufficient number of other participants that, combined with all full liability participants, hold at least two-thirds of the participation shares in each class in the association, or a greater fraction as provided by the certificate of formation;
(3)except as provided by the certificate of formation, the death, insanity, expulsion, bankruptcy, retirement, or resignation of a participant unless a majority in interest of all remaining participants elect in writing not later than the 90th day after the date of the event to continue the business of the association; or
(4)the occurrence of an event of dissolution specified in the certificate of formation.
(b)A dissolution under this section is considered to be the initiation of a voluntary dissolution under Subchapter B, Chapter 186.
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 575 (S.B. 804), Sec. 31, eff. June 14, 2013.