1. (a) Voluntary dissolution. The board of an RMA may request the commission for consent to dissolve. The commission may approve the request if:

   1. (1) all debts, obligations, and liabilities of the RMA have been paid and discharged or adequate provision has been made for the payment of all debts, obligations, and liabilities;
   2. (2) there are no suits pending against the RMA, or adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending suit; and
   3. (3) the RMA's turnpike projects, if any, including all components and appurtenances, are in a condition that complies with the requirements of §26.52(a) of this chapter.

2. (b) Involuntary dissolution.

   1. (1) The commission may by order require the RMA to dissolve if it finds that:

      1. (A) the RMA has not, as determined by the commission, substantially complied with the requirements of this chapter or the terms of an agreement required by this chapter; or
      2. (B) the RMA has failed to expeditiously pursue the development of a project identified under §26.14(a)(2) of this chapter.

   2. (2) The commission may not require dissolution unless:

      1. (A) the conditions described in subsection (a)(1) and (2) of this section have been met; and
      2. (B) the holders of any indebtedness have evidenced their agreement to the dissolution.
   3. (3) At least 30 days prior to adopting an order under this section, the department will provide written notice to the RMA's board offering an opportunity for the RMA to speak before the commission.

Source Note:The provisions of this §26.23 adopted to be effective July 18, 2002, 27 TexReg 6354.