Texas Local Government Code 303.101 – Dissolution Authorized
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Terms Used In Texas Local Government Code 303.101
- 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.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005
After a corporation‘s bonds and other obligations are paid and discharged, or adequate provision is made for their payment and discharge, the sponsor’s governing body by written resolution may authorize and direct the dissolution of the corporation.