Texas Business Organizations Code 22.364 – Failure to Revive; Termination or Revocation
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(a) The failure of a corporation that has forfeited its right to conduct affairs in this state to revive that right under § 22.363 is grounds for:
(1) the involuntary termination of the domestic corporation; or
(2) the revocation of the foreign corporation’s registration to transact business in this state.
(b) The termination or revocation takes effect, without judicial action, when the secretary of state enters on the record of the corporation filed in the office of the secretary of state the word “forfeited” and the date of forfeiture and cites this chapter as authority for that forfeiture.
Terms Used In Texas Business Organizations Code 22.364
- Business: means a trade, occupation, profession, or other commercial activity. See Texas Business Organizations Code 1.002
- 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
- Domestic: means , with respect to an entity, that the entity is formed under this code or the entity's internal affairs are governed by this code. See Texas Business Organizations Code 1.002
- Foreign: means , with respect to an entity, that the entity is formed under, and the entity's internal affairs are governed by, the laws of a jurisdiction other than this state. See Texas Business Organizations Code 1.002
- Secretary: means the:
(A) individual designated as secretary of an entity under the entity's governing documents; or
(B) officer or committee of persons authorized to perform the functions of secretary of an entity without regard to the designated name of the officer or committee. See Texas Business Organizations Code 1.002