Texas Business Organizations Code 22.307 – Responsibility for Winding Up
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Terms Used In Texas Business Organizations Code 22.307
- 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.
- Corporation: means an entity governed as a corporation under Title 2 or 7. See Texas Business Organizations Code 1.002
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 § 22.202; or
(2) the members, if management of the affairs is vested in the corporation’s members under § 22.202.