Alteration Or Dissolution By Commission

Sec. 431.181. ALTERATION OR DISSOLUTION BY COMMISSION. (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. (c) The commission must make an alteration or dissolution under this section by a written resolution. Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.