Texas Local Government Code 303.106 – Rights, Claims, and Liabilities Before Dissolution
Current as of: 2024 | Check for updates
|
Other versions
(a) The dissolution of a corporation by the expiration of its duration or by the issuance of a certificate of dissolution does not impair a remedy available to or against the corporation or a director or officer of the corporation for a right or claim existing or a liability incurred before the dissolution, if action or other proceeding on the remedy is begun before the third anniversary of the date of the dissolution.
(b) The action may be prosecuted or defended by the corporation in its corporate name.
Terms Used In Texas Local Government Code 303.106
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) The directors and officers may take corporate or other action as appropriate to protect the remedy, right, or claim.