Texas Transportation Code 431.181 – Alteration or Dissolution by Commission
Current as of: 2024 | Check for updates
|
Other versions
(a) At any time the commission in its sole discretion may:
(1) alter the structure, organization, programs, or activities of a corporation; or
(2) dissolve a corporation.
(b) The authority of the commission under this section is limited only by:
(1) any law of this state prohibiting the impairment of a contract entered into by a corporation; and
(2) any provision of this subchapter relating to alteration or dissolution.
Terms Used In Texas Transportation Code 431.181
- Contract: A legal written agreement that becomes binding when signed.
- 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
(c) The commission must make an alteration or dissolution under this section by a written resolution.