(a) At any time a corporation's authorizing unit, in its sole discretion, may in accordance with this subtitle:
- (1) alter the corporation's structure, organization, programs, or activities; or
- (2) terminate the existence of the corporation.
- (b) The authority of an authorizing unit under this section is limited only by the law of this state on the impairment of contracts entered into by the corporation.
- (c) An authorizing unit may make an alteration or may terminate the corporation's existence only by a written resolution of the authorizing unit's governing body.
Added by Acts 2007, 80th Leg., R.S., Ch. 885 (H.B. 2278), Sec. 3.01, eff. April 1, 2009.