If a corporation determines or is required to wind up, the winding up of the corporation's affairs shall be managed by:

1. (1) the directors, if management of the affairs is not vested in the corporation's members under Section 22.202; or
2. (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.