Texas Business Organizations Code - Section 23.110. Winding Up And Termination Of Subordinate Body
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§ 23.110. WINDING UP AND TERMINATION OF SUBORDINATE
BODY. (a) On the winding up and termination of a subordinate body
attached to a grand body, all property and rights existing in the
subordinate body pass to and vest in the grand body to which it was
attached, subject to the payment of any debt owed by the subordinate
body.
(b) Notwithstanding a grand body's liability for the debt of
a subordinate body under Subsection (a), the grand body is not
liable for an amount greater than the actual cash value of the
subordinate body's effects or authority.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 23.103 23.104 23.105 23.106 23.107 23.108 23.109 23.110 101.001 101.051 101.052 101.053 101.054 101.101 101.102
Last modified: August 11, 2007
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