Texas § LG.501.402 - TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE

Full text of Texas The Texas Constitution § LG.501.402 — TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE, with citation guidance and answers to common questions.

§ LG.501.402. TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE

TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE. The board of directors of a corporation, with the approval by written resolution of the corporation's authorizing unit, shall terminate the corporation's existence as provided by this subtitle if the board by resolution determines that: (1) the purposes for which the corporation was formed have been substantially fulfilled; and (2) all bonds issued by the corporation have been fully paid. Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278 ), Sec. 3.01, eff. April 1, 2009.

Source: official Texas text · Last verified 2026-08-27

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Frequently Asked Questions About Texas § LG.501.402

What does The Texas Constitution § LG.501.402 cover?

Section LG.501.402 ("TERMINATION OF CORPORATION ON COMPLETION OF PURPOSE") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Texas § LG.501.402?

A common citation format is "The Texas Constitution § LG.501.402" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Texas law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.

How does Texas § LG.501.402 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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