Responsibility For Winding Up

Sec. 22.307. RESPONSIBILITY FOR WINDING UP. If a corporation determines or is required to wind up, the winding up of the corporation's affairs shall be managed by: (1) the directors, if management of the affairs is not vested in the corporation's members under Section 22.202; or (2) the members, if management of the affairs is vested in the corporation's members under Section 22.202. Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006. SUBCHAPTER H. RECORDS AND REPORTS