Texas Local Government Code 504.351 – Election to Terminate Existence of Corporation On Petition
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(a) On petition of 10 percent or more of the registered voters of an authorizing municipality requesting an election on the termination of the existence of the Type A corporation, the governing body of the municipality shall order an election on the issue.
(b) The authorizing municipality shall hold the election on the next available uniform election date that occurs after the time required by § 3.005, Election Code.
Terms Used In Texas Local Government Code 504.351
- 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.
- Municipality: means a general-law municipality, home-rule municipality, or special-law municipality. See Texas Local Government Code 1.005