Texas Transportation Code

§ 431.186 — ASSETS ON DISSOLUTION

TN § 431.186Title 6. ROADWAYS · Part I. TRANSPORTATION CORPORATIONS · Ch. 431. TEXAS TRANSPORTATION CORPORATION ACT · Art. F. ALTERATION OR DISSOLUTION OF CORPORATION

Statute text

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On dissolution or liquidation of a corporation, the title to all assets, including funds and property, shall be transferred to the commission unless the corporation is a local government corporation, in which case the title shall be transferred to the local governments that created the corporation.

Legislative history

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.