1. (a) Chapter 11 applies to:

   1. (1) an action for involuntary or judicial winding up and termination commenced after the mandatory application date; or

   2. (2) a voluntary winding up and termination proceeding initiated after the mandatory application date by:

      1. (A) the governing authority;
      2. (B) the terms of the governing documents; or
      3. (C) applicable law.

2. (b) The prior law governs:

   1. (1) an action described by Subsection (a)(1) that is pending on the mandatory application date; or
   2. (2) a proceeding described by Subsection (a)(2) initiated before the mandatory application date.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.