11.059 – SUPPLEMENTAL PROVISIONS FOR CORPORATIONS. For
Texas Business Organizations Code § 11.059
Summary
This law requires that the specific events leading to the winding up or dissolution of a domestic corporation must be clearly stated in either the corporation's certificate of formation or its bylaws. This provision ensures that all owners or members are aware of the conditions under which the corporation may be dissolved.
Specifies events for winding up must be documented.
Events can be in certificate of formation or bylaws.
Adoption requires the same process as amending formation.
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In simple terms: Learn about Texas's SUPPLEMENTAL PROVISIONS FOR CORPORATIONS. For law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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